Financial Times , 1982, UK, English

U/-K\

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SB*

■hsbinancial ti

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aame on the product, \^i\^ijp .\( g67 Thursday January 7 1982 ***so P

PUBLISHED IN LONDON AND FRANKFURT

&ept.

Thursday January 7 1982

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bank for
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COMTI RO/TmI-SSUNG PRICES: AUSTRIA 8ch. 16; BELGIUM Fr 30; DENMARK Kr 8.00: FRANCS Fr 5.00: GERMANY DM 2.0. ITALY L 1.000: NETHERLANDS FI 2.25; NORWAY Kr 6.00: PORTUGAL Eec SO: SPAIN Pta 85; SWEDEN Kr fi.00; SWITZERLAND Fr2.tfc EIRE 42p; MALTA 30c

NEWS SUMMARY

general

Post Office fund to

business

Floods Dollar seek injunction

J i f aten ea«£; on Gill compensation

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• •■■•awfr

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ial!

cm

*'d 4 f

*: :h-

Selby, Y qrkshire, prepared for

- mass- evacuation because of

floods.. The threat to more than
750 homes grew as the River
Onse broke fioodbanks to the
north. - j F
.. A., trains stood- by- to take
residents- to . reception centres.
-Social 1 services had already
handled- 10 Q y evacuation and
.arranged a farther L300 places.
Weather forecast. Back Page

All-put strike
call at Seaiink

Union.' officials. " representing
WOft Sealtok UK officers called
for .an . alL-oiit strike at the
company’s ..nine, domestic arid ■
continental. ferry ports. .

The action was. Called after
a management decision to with-
draw, services at Newhaven and
. reduce thm at Harwich.

Pledge oh Poland

West Germany, is ready to work
with its Western allies to ghre
finaiioial. aid to. Poland if the
. .. Warsaw military regime permits
a . return to .reform. Foreign
Minister Herr -Hans Dietrich
Gensdher said. Back Page, Page
Z

Chirfavisit

7 Premier Mrs Thatcher will pay
Jan official visit to. China in late
* September. : deputy ' Foreign
. Secretary. Humphrey Atkins
said ' after talks ;wim Chinese
premier Zhao Ziyatte' .. .

Scientist hurt ; "

Top Irish.d forensic scientist

- Dr 1 JosnBS 'DbuQfan wasseriow&y .

Rafter befps a

.car bopi» aJ Sfc. drwe;to Work

/in •>'

: Imn ^ectifionB v ;

Eriied Iranian ^ueriBa leader .
• Massoad .RaJavT said in Paris
that : Tehran's clergy-led regime
. had . executed umdre : thaa 8,000.

. over the. list, si* months.--..

■/ Bobts lieats blaze

. Texan' r p*T : . troiibleshboter
V “Boots” Hansfen .snuffed, out a
'> ; 4iMoot Jflame at-.a rogu' oil
r;‘WaH- 'fii Yorkshire. It had ^een
" ' burning 7 since Decen*er 21
Rafter a Wow-out Page 5 - - .

■/■ Arson warning V"

Arson, attacks on Ei^lisfcowied •
. hoUday ho«ae 5 J in Wales ara to ;
.be ^stepped up, the .Welsh';
ektemist groaip. Sons r of

Glyndwr. Warned- 7 '

Sari banned. 4,.-

‘ Pakistan ■ -banned women
Government- workers from *
wearing saris because they, are-
unislamic. -. Women must , wear
long slurts and baggy, trousers ’

Rape fine 'pitiftil-: -

Fatber of a 17-yeaj>oid tape
victim siid-the £2,000 fine on the
girl's- attacker,- businessman
John Allen;, was unjust, and
pittfuL . ; . - -

recover

• BOUAM supped to DM
2.2465 ^0M 2261) and SwFr
1200-' <SwFr . 1211). It was
firmer at Y210-6 (Y2l92). Its
tradewei^ted index was 106.8
<X072). Page 25 '

.B STKBXJNG went up 1.15
eents . to . 5X224. It closed at
DttL74225 (DM 42275), SwFr
3.4825 (SwFr 3.465) and Y422.5
(Y420). : Its trade-weighted
tbdex -was 012 (91.4). Page 25

* GOLD fell $3 to $402.5. Page

# EQUITIES opened lower, hut
staged a technical recovery and
moved up strongly after-hours.
The FT 30^hare index moved
up 52. io .523.7. Page 25

GILTS regained some of the
ground lost Tuesday. The Gov-
ernment Securities index gained
0.11 tp.62XHL.Page 25

•. LEAD prices were pushed
lower by speculative • selling.

LEAD

LONDON

CASH

METAL

BY JOHN MOORE

A COURTROOM battle is set to"
break out over the record com-
pensation package worth more
than £700,000 which Associated
Communications Corporation,
the- entertainments con-
glomerate headed by Lord
i Grade, intends to pay to its
| former managing director.

The Post Office Superannua-
tion Fund, which hoJds 2.5 per
cent of Associated's non-
voting “A” shares, is seeking
an injunction against the com-
pany to stop Mr Jack Gill, 62,
the former managing director,
receiving £560,000 in cash.

The fund is also seeking to
stop Mr Gill from being allowed
to buy a company bouse, with
a market value of £275.000, for
£165,822.

. The unusual move by a
major investing institution,
which is being supported and
largely financed by the Nat-
ional Association of Pension
Funds, has come against a
background of mounting anger
over the circumstances of Mr
Gill's departure from the group
and the size of the payment
which is intended to be made
to him.

Sir Leo PIiat 2 ky, a director
of Associated, has described the
episode as “ unsavoury and dis-
tasteful” He said yesterday:
“If minority shareholders feel
the need to take additional
action they should be able to
do so. Iam not critical of their
action”

Associated had planned to
hold a meeting on Friday of

voting shareholders to approve
the compensation payment to
Mr Gill, who has been acting as
a consultant to Trident Tele-
vision in recent months.

Lord Grade was believed to
be in the U.S. yesterday.

Approval of the package
looked a foregone conclusion
until yesterday, as Lord Grade
holds 27.6 per cent of the voting
shares, and Mr Gill holds
another block of shares of 15
per cent which be could cast
if the vote seemed in doubt.

Lord Matthews, another
Associated director who owns
and influences another 9 per

cent of the shares, had said he
planned to vote against, hut
other directors representing
45.3 per cent of the shares had
undertaken to vote in favour
of the £560,000 cash payout.

But lowyere for the Post
Office Superannuation Fund are
seeking an undertaking from
Associated that, regardless of
the outcome of Friday's meeting,
no payment will be made to
Mr Gill until the court has
decided on the injunction bid.
The matter is due to come
before the court next Monday.

Gill pay-out tax change call.
Page 5

ANGER OVER HABITAT BID

Pension fund investors who
are angry over a £117. 6m
takeover hid by Habitat, the
home furnishings group, for
MotJierrarc, the - specialist
retail chain providing cloth-
ing and accessories “for the
mother to he and her baby.”
have formed a special “case"
committee to review the bid,
John Moore writes.

The institutions are
annoyed that Habitat has
embarked on an ambitious
“growth-by-acquisition" pro-
gramme shortly after seeking
a public quotation on the
London stockmarket in
October. They argue that they
invested in a growth stock
and that their investment
could he diluted by Habitat
taking over Mother care,
which is a larger group.

The Prudential Insurance

Company, in a separate initia-
tive, had meetings with Mr
Terenee Conran, chairman of
Habitat, yesterday. The Pro
stressed that “what is hap-
pening is just . an extension
of our normal policy of get-
ting to know companies we
invest in. We arc just having
a friendly chat. We have not
met Mr Conran since Habitat
came to the market”

The moves on Habitat have
come at a time when institu-
tional concern in the affairs
of the companies they invest
in is growing. Earlier this
week there were suggestions
that institutional sharehold-
ers were unhappy about the
terms offered by Alexander
and Alexander, the second
largest U.S. insurance brok-
er. for Alexander Howden.

Spam search

Health officials are searching for
a consignment of contaminated
Spam affeir a woman in Rugby,
Warwicks, opened a 6 oz can of
rotten meat*

Beggars*" union

Beggars Tn’-' Jaipur, north India,
formed a union with the slogan
‘ l Beggars of ' the world unite.”

Briefly...

India drew the fourth test with
England in Calcutta finishing at
.170 for 31 - ; ; - ‘

Prince Otarie^ who owns an
Aston Martin, granted 1 the com-
pany the.'. Rbyai Warrant of
appointment.' ■'

Wales* population will rise from
2_8m to more -than 3m by the
year 2010, according to a' Gov--
eminent survey v '■

Jeanette Thomas, 112, thought
to ' be Britain’s oldest pepon,
dietf ' in • Cowbridge, . : South
Glaxnwgah?^

GaSh'lcad fl^is^d £25 down!
ai; £231 astenne. Page 27 . . . ]

• WALL STREET was off 6.38
' to 85&92 -hear the olose. Page 26

• FRENCH - GOVERNMENT

announced inflation ..control
plans, unfreezing many service',
sector prices while negotiating
price moderation agreements in
others. . Back Page. . ' " ' |

9 BRITISH •’ TELECOM
announced plans to link com-
panics in .the UK . with the .
Satellite - Business Systems!
private 7 communications net-
Wbrk in tiie U-S. Back Page

Iki'fOTTHERN . IRELAND
spending by the Government is j
' ;lo bp fncreased by £90m to a
: total <jf over ,£3.5bn an the next j
financial year. Back Page . 1

• SYSTEM X, the TJK’s i
advanced .electronic telephone
exchange, .is being entered in
the bidding for a project to

: 'modernise and expand India’s
network. Page 4 •• .

• BOEING is ready fo roil out
Jtts ' new narrow-bodied, twin-
engined , 757 next Wednesday
near S«tttle. Page 4

• ROLLS-ROYCE CARS expects
North America to be its biggest
single market this ■ year. Page 6

• GAB, PRiqB for British
industrial and commercial users
in 1981 compared favourably,
with France., Belgium and Itaiy,
but was .significantly, higher
than in West Germany, accord-,

' ing to a survey. Page 6

• NEW - ZEALAND -meat -ship-
ments reached a record. 767,370
tonnes . last 'year, a jump of.
33,620 tonnes -over the previous
totaL Page 27

• LEGAL" AND GENERAL
Group reported- record new life
and pension, business in 1981 on
its worldwide - business. New
annual premium, rose 33 per
cent to £l0&im. Page 20

• McCOR<HJ;ODALE, the

specialist printer, finished the
year to end-September slightly,
.higher at £5.0lm (£4.9m)-

Page 20

•BROWN - AND TAWSEr steel
and tube ; stockholder and
engineer, repotted profits of
£L36m <£1.03m) for the six
months to end: September, Page
-26 ' ■ -

Regan expects tax increases
to keep down li.S. deficit

BY REGINALD DALE, US. EDITOR IN WASHINGTON

PRESIDENT Ronald Reagan
may reluctantly increase “some”
taxes an dim pose further
spending cuts, to keep the U.S.
budget deficit below an unpre-
cedented $100bn (£52bn) in
each of’ the next two financial
years, Mr Donald Regan, the.
Treasury Secretary said yester-
day.

The While House, which was
yesterday still putting the fin-
ishing touches . to President
Reagan’s proposals Tor the fiscal
year 1983, said no final decision
on tax increases had been made.
President Reagan’s belief in tax
eating as a stimulus to the
economy has so far led. him to
resist pressure for such a move,
despite the enormous deficits
looming, up. •

But Mr Reagan said in a
television interview he thought
there would be tax.' increases—
as well as continuing increases
in defence spending.

The Treasury Secretary has
made it dear that Mr Reagan’s
overall three-year plan for cuts
in personal and business taxes
— rdae of" the cornerstones of
his economic programme. . —
would not be affected. And he
indicated that the President

was still resisting pressure
from key Republicans in Con-
gress 10 introduce a windfall
profits tax an natural gas.
which, it has been estimator
here, could bring in up to
$20bn a year.

. Options for increases in-
cluded excise taxes on beer
and wine, Mr Reagan said. The
Administration has also studied
“user’’ fees for people needing
public services like coast
guards, and fresh measures to
close tax loopholes.

The Treasury Secretary said
that if the proposals the
administration is working on
were accepted, deficits for the
two fiscal years 1983 and 3984
would be “much lower" than
SlOQbn. -Mr Reagan originally
promised to bring- the budget
into balance by 1984,

Unofficial " administration
estmlates last month put the

1983 deficit at $152bn and the

1984 figure even higher at
S162bn. But Mr Regan- said yes-
terday .that tfiese were ** raw ”,
figures, whicii had “no
semblance ” to what the Presi-
de when he delivers it to Con-
dent’s budget message would
gress on February 8.

Mr Regan rejected Tuesday’s
prediction by Dr Henry Kauf-
man. the Wall Street Economist,
that U.S. interest rates Ibis year
would return to .last year’s near
record levels of more than 20
per cent.

Mr Regan also confirmed that
the President was still deter-
mined not to let his budgetary
problems • interfere with his
plans for a massive build up of
America's defences— despite the
likelihood of strong opposition
in Congress at a time when
social programmes are subject
to continuing cuts.

The target for defence spend-
ing in Bscal 1983 was a 15 per
cent increase — or 7 per cent
after inflation — bringing total
obligations 1 authority to $245bn,
Mr Regan said. Actual defence
Spending next year would rise
by 18 per cent to $215bn.

At the White House. Mr
Larry Speakes, the deputy
Press Secretary, said that Mr
Reagan would make his final
decisions on the fiscal 1983
budget by the end of the week.
The only way to get control of
the budget was to “get hold of
these escalating entitltment pro-
grammes,” he said.

RTZ raises offer for Ward

BY DUNCAN CAMPBElX-SMm?

RIO TINTO-ZENC, Britans
largest mining group. Si as
increased the terms of its
seven-week-old bid for Tbos. W.
Ward, the industrial holding
company: Ward rejected the
new terms as “still clearly
inadequate "

RTZ is offering convertible
loan stock or a 225p cash
alternative for each of Ward's
shares, which last night valued
the company at £l30m or £131m
respectively, against the £lllm
.value of RTZ's initial bid.
RTZ's 91 per cent 1995/2000
loan stock closed 1 lower at 97.

The offer is also increased to
Include the final dividend of.
5.2p per share already recom-

■J-TCnfcsd by Ward’s board and
worth an additional £3m.

This gives the new offer an
effective per share price of 230p
and Ward’s shares, trading ciun-
dividend. closed at that level
last night, up 12p.

Under Takeover Panel rules,
RTZ are new allowed to buy in
the market at up to 230p.

Sir Alistair Frame, flip’s
chief executive, confirmed that
it had bought " a fairly large
number " during the day to add
to its existing 15.4 per cent
stake ■ in Ward. RTZ's own
shares closed 3p lower at 427p.

Sir Alistair said RTZ and its
advisers, Morgan Grenfell, had
talked to Ward’s major insti-

— CONTENTS

tutional shareholders and “had
got the feeling that a higher
price than 190p was going to be
required.” Most of these share-
holders are believed to be also
major holders of RTZ. shares.

The new bid will remain open
until. January 26. Sir Alistair
described it as “more than
generous " and added that it was
" virtually certain ” to be RTZ’s
last offer.

Mr Peter Frost chairman’ of
Ward, said the company and
its advisers. S. G. Warburg,
thought it significant that RTZ 1
had put nothing formally in
Continued on Back Page
Lex; Back Page

CHIEF PRICE CHARfiES YESTERDAY

(Prices in pence radess otherwise indicated)

• -RISES

Treasury 396. 1986 — : £69f + .1-
Aitken Hume + %

Bank Of Scotland ... 515 + 17
Berisfard (S. & W.)

Brown & Tawse ...... 14® + 1°

Guinness Peat r* T Ln

Vickers -150

Ward (T. W.) 230

Ventezspost 428

•. falls ' •

Amstrad 217

Euro flame - 124

North Sea revenues: . the oil tax

teaser J 8

Economic viewpoint: a guide for the

perplexed ; 19

China: foreign interest grows in offshore

oil 4

Business law: Swiss banks’ hidden write-
offs 15

Marketing: the UK's recession-within-a-

recession ; 16

Technology: Ferranti’s military micro-
computer 16

Editorial comment: inner cities;

Mexico 18

Lombard: Jonathan Carr on the rift
between Paris and Bonn 19

SSSSTfiT r ‘ 155 + 50 - Mercantile House ... 4J0

.Holden- (A-} frr T c n»oct Antomatum ... 100

- uUlUvu' , r-

Int paint .; — 217 + 5

Kitchen Taylor J02 + 7

McCorquoddie l|5 + 6

St l

Polly Pedc - 355 + 10

Royal. Bank Scotland 1 197 + 11

Silenuught 93 -+ 4

Tate&Iasfe'.^ 20 S. + f.

Tunnel.B V:......^ 525 T 15

Unigate 1®

.Quest Automation ... 100

Berkley Expl 3®

Cambridge Petroleum 2S5 ■
Allstate Exploration 24

De Beers Defd-. 350

Kitchener Mining ... g

Renisoir ■' — Jg

Santos ; J®

-Tara Exploration .48?

Western Continental 40

Western Mining 234

American News ... ' 2

Appointments 14

Appta. Advtg 8-14

Arts 17

Base Rates 21

Commodities 27

Companies UK ... 20-21

Crossword 17

Eton. Indicators ... 21

Entertain. Guide ... 17

European News-... 3

European - Options 21

Euromarkets ..... Z2

Inti. Companies ... 22-24

FT Actuaries 28

Loader Page !S

Letters 19

Lex 32

Lombard 19

London Options ... 21

Marketing 16

Mining 21

Men & Matters ... 18

Money A Exchngs. 25

Overseas News ... 4

Racina 15

Share Information 30-31

x Stock Markets:

London '28

Wall Street w,... v26

Bourses * 26,

For latest Share Index phone 01-246 S02t>

Technology 16

TV and Radio 15

UK News:

General 5-6

Labour 7

Unit Trusts 25-29

Weather 32

World Trade News 4

ANNUAL STATEMENT
Scottish Inv. Tat 20

Ford men
‘likely to
accept’
7.4% rise

By I vo Datvnay

UNION LEADERS representing
Ford's 54,000 manual workers
were confident last night that, a
majority of the workforce had
endorsed iheir recommendation
lo accept the company’s pay
offer.

Yesterday mass meeting at 15
plants, representing a total of
112.500 workers, agreed to the 7.4
per cent offer, while six plants —
accounting for 15,210 workers —
rejected the settlement.

Votes taken early this morn-
ing by three Dagenham night-
shifts as well as polls due later
today from Halewood transmis-
sion shop and the Langley
truck division account for a
further 11,350 workers.

But union leaders said last
night that the trend indicated
that acceptance of the offer
was virtually certain.

Mr Ron Todd, chief negoti-
ator for Ford’s 13 unions, said
the traditional method of as-
1 sessing the outcome of the poll
by allocating one vote to each
plant already showed a majority
for acceptance.

Mr Jack Whyman. seeretaiy
of the 56-strong negotiating
committee, said last night that
the meetings had produced a
good result for the unions.

“As far as I am concerned
there are enough votes now for
a majority,” he said. " I am con-
fident that other locations will
follow the trend.”

Earlier in the day 10,000
workers at the Halewood body
and assembly plants voted by
a majority of more than three
to one to oppose the deal, add-
ing to the' initial unease of the
union leadership.

But afternoon polls of day-
shift workers at the Dagenham
assembly, engine and foundry
plants showed a substantial
majority for acceptance. The
body plant, however, returned
a split vote with no clear deci-
sion.

The unions’ negotiating team
will reconvene in London to-
morrow to announce the result
and prepare for a final meet-
ing with management next
Wednesday where the details of
the package will i*e hammered
out.

Unofficial strike action at
Halewood continued yesterday.
.Shop stewards warned they

Continued on Back Page
Disastrous sales year for Ford
in U.S., Page 3

£ in New York

Spot S 1 .9845-9260161.9330. 9370
1 month (0-33-0.28 dis j 0.40-0.35 dis
3 monthsiO.7S-0.6B dis 0.934.85 dis !
12 monthsi 1.10-0.90 dis I 1.46-LSBdls !

Labour wrangles
may be over
after meeting

BY JOHN LLOYD, LABOUR CORRESPONDENT

TALKS between Labour Party
and trade union leaders last
night produced a . convincing
appearance of unity and a
possible truce between left and
right.

The one-and-a-half day con-
ference called by the Trade
Unions for Labour Viciostf
organisation heard Mr Michael
Foot, party leader describe it
as “ historic.”

Mr David Basnett. general-
secretary of the General and
Municipal Workers’ Union and
chairman of the TULV has
guided the trade unions into a
dominant role over the party.
He made it clear ofterwards
that the status quo over the
party’s constitution, the leader-
ship and deputy leadership
would be maintained at least
until 1984.

“ We have a leader and we
have a deputy leader and I
don’t think that will be dis-
turbed. We have had debates
over constitutional issues. I
don’t think they will occur
again,” he said.

Union leaders left the meet-
ing at Bishops Stortford con-
vinced that Mr Tony Bonn will
not challenge Mr Denis Healey,
deputy party leader, in the
immediate future. This was an
impression Mr Healey appeared
to share, although Mr Benn
would not confirm that he
would not stand again.

Mr Healey said: “The
unanimous feeling was that the
wrangles must stop. This is
very much a turning point in
our affairs. The Labour move-

ment is pulling together while
the SDP is pulling 35811.”

Mr Fwt said his impression
that ‘Mr* Benn would no it stand
again, was fortified, by the meet-
ing. '

Mr Benn has been left in no
doubt tbit he can expect mini-
mal undon support if he decides
to stand once more.

The structure of the confer-
ence and the unions’ dear
determfnaiion only to support a
Labour Party which presents a
consistent set of policies and a
united front showed that the
unions are in the driving seat of
the Labour movement.

Mr Basnett and other union
leaders denied that they wished
to take any part in policy-
making. However, they have
effectively barred inner -party
electoral contests on pain of
bankruptcy, exercised at least
a financial veto over party
programmes, and will intervene
heavily in local party affairs.

oBtii union and party repre-
sentatives swere “ euphoric ”
over the outcome of the meet-
ing. All sides pledged them-
selves to unity in the fight
■aagiust the Consrev&tives.

Commitments included:

• That the unions would
fund Labour's campaign to put
its polides to the country in
th coming montehs.

• That they would undertake
to improve the party's parlous
financial base in a phased pro-
gramme over the next five
years. A director of finance will
be appointed.

Continued on Back Page

£l.5m loss for Quest

BY DOMINIC LAWSON

QUEST AUTOMATION.
Europe's largest independent
manufacturer of computer-aided
design systems, yesterday
reported .a first-half pre-tax loss
of almost £1.5m. The figure, for
the half-year to August 31,
excludes doubled research
expenditure of £90.1,000 and is
sharply higher than the Joss of
£347,000 for the comparable
1980 period.

The company said it expected
to make a loss over the full
year. Last year it reported pre-
tax profits of £813,000.

The share price fell 25 per
cent from 133p to lQOp after
the results were announced. At
one point the price was 95p.

One jobber described the
company’s figures as “absolutely
disastrous.”

Mr Tony Ebel, managing
director, blamed the results on
falling demand for the com-
pany’s larger systems. Quest
would continue to “ plough

money into fixed assets and
. expand out product range.”

Quest has been handicapped
by having no presence in the
U.S. market which. accounts for
60 per cent of world demand.
It has traditionally exported 15
per cent to 20 per cent of its
turnover to Warsaw Pact
countries.

Quest obtained full Stock-
Market quotation last Novem-
ber. Four months earlier the
National Enterprise Board (now
part of the British Technology
Group) put nearly £2. 9m into
Quest to increase UK presence
in the market for computer-
aided' design/manufacture pro-
ducts.

The British Technology
Group said it continued to look
on Quest as a company with
“very good growth prospects on
a long-term view.” It "had
absolutely no regrets about the
investment.”

Details, Page 20

YOU'*} THINK WE HAD TtlE MONOPOLY
ON COMFORT AND CONVENIENCE.

Everything about the Air France Oub Oass is allocation besides priority baggage reclaim on
designed foryour comfort and convenience. anivaL

A separate, seduded front cabin on the Arbus What does all this creature comfort cost? Rarefy

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Financial Times Thursday. January 7 .1982

EUROPEAN NEWS

Questionmark hangs over role of Communist party Juan Carlos bid

BY OUR FOREIGN STAFF

CRISIS IN
POLAND

nar+c tft revive itself But there tical parties. Recent efforts to ^

ar?reports of party member- set up a Chru^an Democ«t SSSta

ship decreasing sharply even Party have already oeen

compared with' 3m in July last authorities are thing.

THE FUTURE role of the Com-
munist Party in Poland is
rapidly becoming one of the
most important problems to be
faced by the military authori-
ties as they look beyond the
Immediate task of making the
country function under martial
law.

Reports from Warsaw say
that some senior party officials
have discussed the possibility
of disbanding the Party
altogether.

This drastic suggestion was
apparently made during a visit
by a high-level Hungarian dele-
gation to Poland last week. Mr
Janos Kadar, Hungary’s Presi-
dent, apparently warned Jaruzelski has been- exploring how<

General Wojciech Jaruzelski ways of establishing a new to es

some months ago that the communist Party’s continuing political framework within role.

Solidarity union could not be co u a p Se under martial law, which the Communist Party The general has also set up

by Mr Stefan Olszowski, the

many wearing Solidarity badges
decorated with, pictures of

to win over

ber, who is trusted by Moscow
as much as he is hated by

prison oars.

another camp, 2t Pruszcz,

the Communist Party as

At Monday's first meeting of stands,
new socio-economic committee The

"Thousands of members of tie a new soci<wconomic committee The _ otter "nUtM. « ^Tdllri^'the astro* of BY ROSSRT GRAHAM, IN MADRID
Warsaw branch, considered one set up under the chairmanship headed by Mr Hieromm Kuhiak. beins ' i , ..nri 3 tin ?«

K mSr Mnsewative. are of Mr Mieczyslaw Rakowski. the an intellectual from Krakow gwrtial Jaw Jew* KING JUAN CARIjOSofSpam Strongly an ti-demomtic mtooe.

Meanwhile the recent photo-
graphs of violence on the Baltic

armed forces

BY ROBERT GRAHAM, IN MADRID

5 £ conMatoV, are of Mr B^slaw Kakowski. tiie an intellectual from Krakow marnm raw « KING JUAN CARLOS-

said to have resigned In Deputy Premier, the members who is probably the least con- buttressed o details of m- yesterday a significant IBs denunciation of this pamph-

Gdfnsfc two thlSrS the inriuded the leaders of the fonnist member of the re- 35 * to win the f aUMo* leteeri^ ^d ^moarmMger-

; =4^. nw nmnmtix Pnrtv and of the vamoed oolitburo which at tne Gdansa ou rennery is nt> the armed ins underlines the extent of his

university teaching staff are Democratic Party and of the vamped POUtbara Za» tion and loyalty of the .armed

believed to have handed in Peasants’ Party. emerged from last July* party said® nave ausea Mme forces a speech marking the

.i ■ _ >_ i. «,nmr Timpn • tinv nartiBc wprp rtinprfiss and who had earlier fleams, 'wim iu serious — T . AaiohnUiin

ing underlines the extent of his

their cards, while in many

LUril Ipdiuj, * " . .. ■

factories baskets have been put formerly “safe" components of suggested that the party should

parties were congress and who had earlier deatm* m to havfkeeu traditional military celebration

iwmnnMntc QiioppcroH that the nartv should casualties Known to nave Keen m

forces in a speech marking the concern over continued unrest

■ ■¥ . _ _ .. tt ».. 4- hip uiurr t n ml

out to collect returned party 1 the coalition that governed share

power’ with"otheT efe- admitted to hospital Workers £S

to tire firm

cords.

Meanwhile,

Poland with the Communists meats

C»e,al SAVS ^*9^*-*

JieaUWlUICi U cu c 1 a l uciWi c iuaiwai * — — ®

Jaruzelski has been- exploring however, they had been trying internees at a camp m same were beaten with mm
wavs of establishing a new to establish a more independent Strzebielinek have twice (had to oars.

He went out of his way to call
upon the military to achieve a
better understanding- among
themselves.

The theme of media treat-

fore the coup, attempt last ment of the armed forces has

aim dominated in a senes of

controlled without the imposi- even though hardliners in would play a less exclusive role two other committees to ex-

tion oF martial law.

The corollary of this is the

Poland and commentators in than hitherto, perhaps in some plore ways of creating a new

Moscow have been urging the form of alliance with other poll- political framework. One is led ternees is said to be hiji, with fected m west Germany.

SOSA S the Epiphany

Since then the King has de- statements made by Sr Alberto
ted much time and energy to Oliart, the Defence Minister,
rtie arrmxf during the Epiphany ceremonies

ftices and regain the confidence which were held yesterday and-
of those elements who felt be* on J? , | iesday ‘ . _ . .

Production
of coal
falls by
34m tons

TOUGHER STANCE OVER CLAMPDOWN CONSIDERED

France may cut Soviet gas order

BY TERRY DODSWORTH IN PARIS

FRENCH MINISTERS are con- needs in 1990. But opponents argument that it could be President Mitterrand is likely
sidering a reduction in planned would like to see this cut by at economically and politically to make the final d easion._-But

WARSAW * (Censored) —

purchases of Soviet gas to least half.

dangerous to put the country . it remains an extremely difficult

Moscow
vents fury
on Polish
activists

trayed by his rejection of a
military-backed government.

The speecih. delivered in the
presence of ell .senior members
of the armed forces at tihe
royal palace in Madrid, empha-
sised concern feflt by the miti-.

This appears to be connected
directly to the tension created
by the publication in December
of a manifesto signed, by loo
officers' and NCOs protesting
against media treatment and
sympathising with, those in-

tary about unfair and sensa- volved in the coup - attempt,
tional treatment in the media. Thirty-nine signatories are still

The King implicitly criti- detained in various parts of

dsed some media coverage Spain.

Government's - The Government’s willing- into a position of over-reliance decision because of the coun-

Pblish miners extracted 163m tough diplomatic line over the ness to reconsider the gas on Soviet gas.

According

try's heavy dependence on' its.
Government own exports to the Soviet Union.
3e in natural It has recently signed three

tons of coal in 1981 12m tons Polish military takeover. contract marks a volte Jace According to Government own exports to the Soviet Umon.

less than originally planned The argument in the French after the rejection of Tecent plans for the increase in natural It has recently signed three

and 34m less than in 1980, the administration revives a debate V.S. warnings against increas- gas. consumption, the Soviet orders, worth 3 total of well

official news agency PAP that lias been going on during ing France's dependence on supplies would account for over FFr 5.5bn (£5Q7m) for

reported the past 18 months over the Soviet supplies. about 5 per cent oE the equipment for the gas pipeUne,

reported the past i» mourns over me

It blamed the shortfall on the amount of gas the country

the equipment for the gas pipeline.

five-day working week, won by should buy via the new Russian delegation

Following talks with a Soviet country’s total energy use by and these could be jeopardised

November, 1990.

by a redaction of the gas order.

miners during strikes in 1980, pipeline to Western Europe. French negotiators were pre- In addition to these fears, a France has refused to apply

and work stoppages, the reduc- France

reached

tion in output has cut severely informal outline agreement for ment and fix prices

paring to conclude the agree- cut in the proposed gas con- economic sanctions against the

into Poland’s ability to earn

delivery

hard currency needed to repay metres of Soviet gas a year,

ment and fix prices tract would give more substance Soviet Union similar to those

Doubts about the contract to the strong line taken by brought in by the U.S., saying
have come mainly from the President Francois Mitterrand it stands to lose more than the

its S27bn gross foreign debt. amounting to about 33 per cent Foreign Ministry, where some on Soviet complicity in the Americans in trimming its

“The decline in production of the country's projected gas officials
directly affected the export of

accept

U.S. Polish crisis.

Soviet trade.

amount to a mere 15m tons, - Washington had ruled out action by army, writes Leslie Colitt

that is. 19m tons less than in w .

1980, which means a loss of TT A "ffl A I TT 1 •

How takeover took U.S. by surprise

darity union was still active,

officials said continuing short- THE MILITARY coup in Poland thought the situation in Poland bureaucratic machinery before

falls could bring the staggering on December 13 took the U.S. to be so unexceptional that be it could even reach the policy-

PolisJj economy to a halt. Coal Administration totally by sur- left Warsaw on home leave just makers.

exnorts had been the country’s prise. before martial law wai

principal source of convertible Senior Western diplomats But not a11 the memb
currency. paint a dismal picture of petty embassy 'had ruled

The reduction in coal pro- personal rivalries ineptitude Polish military option
Auction has also meant . a and chaos in America's hand _ An astote young t
further squeezing of industrial of ^ poi^f, cr isis w hich mat of extrai

bility of just such a coup was
the talk of Warsaw.

Did Washington expect the

before martial law was imposed. The diplomats explained that (j ee p sp i,t j n the Western

Senior Western diplomats But not all the members of his foreign policy options presented Alliance when President Reagan
paint a dismal picture of petty embassy _*h a d ruled out the to President Reagan were core- announced his economic sanc-

ilish military option. fully filtered through bis top

An astute young U.S. diplo- aides from his California years

output which fell about 15 per C ome to light in the three
^ weeks since the military take-

mat of Polish extraction was —people like Mr Edwin Meese.

1M0, according to latest figures. over in Warsaw.

They note that the vast tech-
nical resources of the Central
Britain protests over Intelligence Agency failed to
- • - provide a single clue that a

jamming of BBC military option was being pre-

„ _.. w _ .. _ . . pared by General Wojciech

Mr Viktor Popov, the Soviet am- jaruzelski.

- Britain protests over
jamming of BBC

bassador to Britain was sum-
moned yesterday to the Foreign
Office by Lord Trefgame, a

“All the sophisticated listen-
ing devices which can allegedly

junior Mini^erT and tow W pick up telephone conversations
the Government "strongly de- m Warsaw came up with

piores " the jamming of BBC nothing," Mid one weU-placed
Polish ianguage broadcasts, diplomat ‘Terhaps the generals

agencies report Lord discussed their coup in a cafe
Trefgame made it dear that where tiiey could not be over-

Most of the Americans, like other foreign diplo-
mats in Warsaw, did not believe the Polish army
leadership would be able to carry out such an
enormous task without tearing itself apart. The
U.S. ambassador to Poland, ' a highly-regarded
career diplomat, thought the situation in the
country to be so unexceptional that he left on
home leave shortly before martial law was
imposed.

Britain believes the Soviet heard,” he offered.

Union is responsible for the Not only did k America's t e ]Ung anyone visiting the
jamming. vaunted "spy in the sky" satel- Embassy who would care to

The BBC announced on lites and its powerful ground ^at Poland could not

Tuesday that all its Polish listening posts on Poland's surv ive this winter without

influential

tions against the Soviet and
Polish Governments? The
diplomats say that well in
advance of the army coup in
Warsaw, U.S. and European
officials had discussed a cata-
logue of reactions to various
moves on Poland of which it
was assumed the most likely
would be a Soviet invasion. No
firm commitments were made
by the Europeans. This was
merely a dry-run exercise, con-
ducted by officials and not
politicians. But the Europeans
left no doubt that they were
not enthusiastic about imposing
economic sanctions of the land
being considered in Washing-
ton.

The U.S. had warned of an
imminent Soviet invasion of
Poland with such monotonous
regularity that when the Polish

By Our Moscow Correspondent

PRAVDA, the Soviet Com-
munist Party newspaper yes-
terday issued one of its
fiercest attacks on Polish
activists, accusing them of
having sown “ inh u m an,
psychological and physical
terror * in Poland before
martial law was imposed.

Reporting from Warsaw,
the newspaper said more and
more documents were emerg-
ing that showed “ counter-
revolutionary " leaders to be
** unprincipled, blood-thirsty,
cruel people ready to sacrifice
thousands of lives to fulfil
their aims.''

The unusually strong word-
ing was published against a
background of reports from
the Polish capital suggesting
that some interned leaders
belonging to the Solidarity
free union movement or dissi-
dent groups would be released
in the near future.

The tone of the Pravda
article suggested that Moscow
could see fresh, trouble ahead
for the Polish authorities if
many extremists were not
imprisoned for long spells.

The article suggested that
Poland's long-term security
picture, as Moscow sees it,
would figure In talks between,
the Kremlin and the Polish
Foreign Minister, Mr Jozef
Czyrek, whose imminent
arrival in the Soviet capital
was announced on Tuesday
night. •

The Soviet Press also gave
wide prominence to the -
Kremlin’s denunciation of
the decision by European
Community foreign ministers
not to undermine U.S.
sanctions against Poland and
the Soviet Union.

stating that the aimed forces
had been adjected to “exagger-

This p unishm ent has been
one of the first signs of firzo-

ated attention.” He also sym- ness in dealing with dissident,
pathised with their difficulties The joint chiefs of staff, along

in replying to what they re- with the Government, have, also
garried as unfair or unjust Press done their best to stamp -out

treatment
The armed

forces

efforts to start a sympathy
were movement within the forces

reminded, however, that they since the manifesto’s contents
were not the only body affected . drew wide support. The mani-

by the transition to democracy, festo was seen as one farther

Nor did they have a monopoly move to increase the climate
'of patrio tism No matter how of tension in the run-up^ to the
much they might disagree with trials of the 32 ‘officers involved

much they might disagree with trials of the 32 ‘Officers invi
what was happening in Spain, in last February's events,
said the King , they were bound At the same time the Govern-

to behave in a constitutional ment and military leaders have

way and not to resort to acts
of indiscipline.

done to great lengths to remind
the Press of their responsibiii-

The King also denounced the ties in reporting the military
circulation of pamphlets within and of the latter's sensitivities.

the armed forces that sought to Sensational treatment of the
create divisions. Many of these . trials that humiliates the aimed

pamphlets have been hostile to forces as. an institution is a i
the Rin g himself and have been serious government fear.

Premier will try to
speed EEC entry

BY JOHN WYLES IN BRUSSELS

SR LEOPOLDO CALVO SOTELO,, those with Portugal, have been
the Spanish Prime Minister, will held up since June 1980 when

a Cnt.'nV

today attempt to speed Spain's . France with the silent support
negotiations to join the Euro- of most other member-states.

pean Community.

decreed that none of the'major

Making his first visit to Bros- issues could be settled until
sels as Prime Minister, Sr Calvo the Community had agreed its

Sotelo will urge both the Bel-, own internal reforms of agri-
gian Government, now occupy- cniture and the budget

ing the Presidency of the EEC ■ since then, the Ten’s commit- i
Co unci l of Ministers, and the ment to Spanish membership j
European Commission, to try to has seemed increasingly more ,
complete negotiations this year, rhetorical than real. Last
Spain could then become a mm- November’s EEC summit in
ber by January l - 1984. London hnset the Spaniards,

He is expected to emphasise, rather -than' reassured them, by
the growing d isil lusionment in reaffirmi n g ^he Ten’s conunit-

House adviser on foreign policy, army and security forces struck

Tuesday that all

could not , Thus, responsibility for the on December 13 it looked
?r without conduct of American policy almost encouraging to some
Either Gen towards Poland appears to have European governments. Here

looked

Mr Jozef Czyrek (below)'

Spain about EEC membership ment to accept both Spain and
because of the lack of progress Portugal as members without

transmissions were being jam- periphery fail to pick up any radical changes. Either Gen towards Poland appears to have European governments. Here

med. Engineers had traced the sign of the impending military Jaruzelski the Solidarity Union been left essentially in the was one line of repression the

jammi ng to Smolensk and move. Americas diplomats too, and the Polish Catholic Church hands of men whose political Americans had largely ruled

Kaliningrad, m the Soviet suspected nothing. would get together to form a horizon barely extended to out. The Europeans felt it

Union. ~

Soviet suspected nothing.

barely extended to out. The Europeans felt it

The U.S. Embassy in Warsaw new “Government of national Western Europe, not to speak of clearly did not warrant the
had been reporting to the State understanding ” or the General Poland. — — -> — — —

more drastic retaliation pro-

PnTI tn firppep Department that the winter in would be forced by Moscow to In all fairness, even leading posed by Washington if the

vr reeve Poland would be a critical time take matters into his own Solidarity officials had also Russians invaded Poland such

Belgium, as president of the but a military crackdown had hands. He noted that the Soviet refused to believe the Polish as halting European porticipa-

European Community Council been largely ruled out. , Union would choose to inter- army was capable of carrying tion in the natural gas pipeline

.f 1 ..kail Unrt nf tkn Amannmc lil-a iik.a milil.nlu in _ ..... l. 1_A _* ‘ 1 4 . U. k..!H c -- pm • .

Poland would be a critical time take matters

own Solidarity officials

Russians invaded Poland such

in the negotiations, which began
nearly three years ago.

any mention of a target date or
a promise to complete negntia-

. In public relations terms, Sr tions quickly. -

Calvo Sotelo may find his talks
less fruitful than the visit to
London which he will make to-

Only M Gaston Thom, the
European Commission Presi-
dent, has' mentioned recently

morrow, ms is expected to the 1984 target date. That was
yield an AngtoSpamsh wee- durillg a vi sit ^ Madrid last

of Ministers, yesterday asked Most of the Americans, like vene militarily in Poland only oat a coup. As late as last to he built from Siberia to

Greece io clarify its stand other foreign diplomats in War- as a last resort, whun the Polish August, Dr Bronislaw Geremek. Western Europe,
towards an EEC statement on saw, did not believe the Polish army bad exhausted its possi- one of Mr Lech Walesa's Tn th» ownt t

Its $

a J a l e fOT ^-opening we ek which some Spanish
SLIEST Spam and officialg daini m Uttle heJp

maintain public enthusiasm for
^ P ros P« ct a t membership.

Poland, a Foreign Ministry army leadership would be able bilities.

Walesa's In the event the Europeans

closest advisers, told the Finan- complained bitterly that they

5m

of Madrid's sanctions against the
Rock. •

Sr Calvo Sotelo was- the

Community towards agree-
EEC entry negotiations when ment on a number of the rela-

fSIFV 0 ' tivel y Ies s controversial aspects
a . SPP^I for of Spanish membership such as

fSSS,, u seen 35 a regional policy, movement oF
measure of Madrid’s concern. capital and harmonisation of
The negotiations, and also legislation.

In an attempt to satisfy the
Spaniards, the Belgian presi-
dency is expected “to try to push

spokesman told Reuter. Athens to carry out such an enormous Jr is unclear whether this rial Times that he did not think were barely consulted

has said it does not consider task without tearing itself apart, accurate assessment ever the Polish army “has the men Washington before ITesident

communique The American Ambassador to reached the State department to carry out a coup d'etat ’’ in Reagan announced his counter-

issued after a foreign ministers Poland, Mr Frank Meehan, a in Washington. It was almost support

meeting on Monday.

Communist measures 16 days after the

highly-regarded career diplomat certainly weeded out in the party. At that time the possi- generals took over in Poland.

Discount | Dutch hit hardest in EEC by recession

rate down

BY GILES MERRITT IN BRUSSELS

in Belgium

By Giles Merritt in Brussels
BELGIUM’S central bank sig-
nalled yesterday that specula-
tive pressures on the Belgian
franc have eased by reducing the
discount rate a full point to 14
per cent. It is only a cautious
reduction fin the country's re-
cord-level interest rates, how-
ever. The discount rate still re-
mains a point higher than be-
fore December 11, when it was
abruptly raised two points from
13 per cent in order to stem
a run on the franc caused by
rumours of imminent devalua-
tion.

The franc's volatile behaviour
inside the European monetary
system {EM S) has calmed in
recent weeks, reflecting the re-
turn to political stability pro-
duced by the formation of the
centre-right coalition govekn-
■ ment by Mr Wilfried Martens.

Mr Martens’ success In nego-
tiating a Government, that
ended more than two months of
political vacuum, at ‘first
boosted the franc strongly. Poli-
tical confidence, together with
a central bank move to dis-
courage foreign companies.from
speculating .against the -cur-
rency, ^briefly- moved the Bel-
. gian franc in mid-December
from being close to Its official
divergence limit in the EMS
to the top of the grid.

That surge, which saw the
franc gain, 53 per cent in value
against, the European currency
unit indicator of the EMS, has
since settled down. Last week,
the currency lost ground again

THE AVERAGE Dutch citizen
suffered more last year from
the .ravages of recession than
any of his neighbours in the
European Community.

Luxemburgers were next
hardest hit, .while the British
took third place in a table -of
provisional European Commis-
sion figures charting the decline
in incomes and consumption in
the EEC during 1981.

Other indicators produced by
the Commission also show that
the UK’s industrial output im-
proved slightly towards the end
of last year, and did not show
. the overall deterioration evident
in a number of other EEC

states, most notably the Nether-
lands.

The pointers in a late 1981
survey by the Commission
indicate that Britain, together
with France, is headed for a
cyclical recovery this year.

The Commission's analysis of
household incomes and private
consumption in the EEC last
year showed, for Britain, a 3
per cent drop in the former and
a 0.6 decline in the latter. In the
Netherlands, however, in sharp
contrast to the 6 per cent
increase for 1980 fin household
incomes, these decreased by 3.6
per cent last year and private
income there was almost as
hard-hit with a 3.4 per cent
drop.

Luxembourg saw household
incomes reduced by 3.3 per
cent, and only France broke the
trend of negative or stagnant
incomes in the Community with
a 1.9 per cent rise in both
incomes and consumption.

In its analysis of economic
prospects in the Community,
the Commission notes that
Britain's four percentage-point
recovery in industrial produc-
tion last November is further
evidence pointing to cyclical
recovery. The survey added that
there was a "modest continuing
recovery" in British industrial-
ists’ onier book expectations,
while in France that improve-
ment was even more clearcut.
.The most recent EEC indus-

trial production statistics show
that, on provisional figures up
to the end of last October, Com-
munity output had risen 0.5 per
cent from October 1980 levels to
stand at 118.5 (1975=100).

Britain, during that period,
pushed its Industrie production
index from 106.3 to 109.

Foreign aid
controls

tightened

France moves towards
new assembly for Corsica

BY DAVID WHITE tN PARIS

By Charles Batchelor in
Amsterdam

9 The Commission said yester-
day it had persuaded tw 0 steel
groups to drop a patent-shar-
ing agreement which it con-
sidered conflicted with competi-
tion rules, Reuter reports from
Brussels. The companies are
Maimesmann of West Germany,
with its subsidiary Mannes-
mann-Demag, and Concast of
Zurich.

Government aims to cut sickness benefits

BY CHARLES nATCHGLOR IN AMSTERDAM

THE DUTCH Government has
announced plans to cut {he level
of sickness benefits in a far-
reaching effort to. prune the
generous social welfare pro-
gramme.

.The decision to cut benefits
by FI I.4bo (£295m) and to shift
a further FI 1.2bn of payments
from the public to the private
sector has provoked a storm of
protest -from unions and em-
ployers.

The Government wants to cut
the level of sickness benefit
from 100 per cent to 80 per cent
of an employee’s net wage. It
hopes to introduce this change

on April 1. but. has first to get
its proposal through Parliament.

The Social Affairs Ministry,
which is responsible for the
plan, argues that this would
bring sickness benefits into line
with unemployment pay, which
is also 80 per cent of a person’s
net earnings. ,

Since many collective wage
agreements already guarantee
employees their full salary
while they are sick, the Govern-
ment plans to forbid such
clauses in future. It will also
make it illegal for employers
to reinsure themselves with the 1
industrial sickness funds in
order to continue to make sick-
ness payments of more than SO

percent Employers would still
be able to take out private in-
surance, however. J ..

The proposals, if accepted,
will. go further than any pre-
vious efforts to reduce the
Netherlands’ sizeable welfare
blD. In previous rounds of
spending cuts. FI lbn was saved
on child benefits and- another
FI lbn on other forms-of social
security payments, j

These latest me as ires have
been proposed by MrjJoop den
Uyl, the Social AfFairj Minister
and Labour Party leider. who
was largely responrirfff lor .the
expansion qf the soculCsecurity
system during the im«1970s.

The unions crit&ied the

proposed cuts as discriminating
against the sick and a threat to
the status of collective wage
agreements. The employers
complained that an extra bur-
den would be.p.ut on the private
sector.

One likely result would be
a further reduction in absen-
teeism. High unemployment
has already cut the relatively*
high levels of absenteeism in
Dutcb industry. The numbers
reporting sick fell by 5 per cent
last year to 2Jm. The unions
said, however, that employees
would be likely to stay at work
when they become ill and even-
tually would have to take more
time off to recover.

THE NETHERLANDS, one
the most generous develop-
ment aid donors, is to tighten
financial controls following
the discovery that some pro-
jects have been badly man-
aged. Problems on two small
projects in Pern costing a
total of FI 6.4m (£Um) have
led to a more thorough audit-
ing oE the entire FI 3.6Ihn
f£762m) aid programme, the
Development Aid Ministry
said.

The Government Is already
carrying out a wide review of
its aid programme following,
a report released just over a
year ago that many projects
were poorly planned and in-
adequately supervised. He
results oE this review, which
is expected -to cover several
hunderd projects, should be
released shortly.

The Ministry plans closer
links between project leaders
and the local Dutch embassy.
Accountants will be attached
to the larger projects, leaders
of which will have to file
quarterly progress reports to
The Hague.

The problem has arisen be-
cause increased sophistica-
tion in Dutch accoun ti ng con-
trols has not been matched on
the projects themselves. Pro-
ject leaders are also usually
technical experts without ad-
ministrative experience, the ,
Ministry said.

PLANS TO set up a special
administrative structure on
Corsica — an unprecedented
move in French Government
poucy towards the regions ~
were approved by the Cabinet
yesterday and are expected to
go to parliament thin month.

Providing for the election p£
a new Corsican assembly within
the next six months, the legis-

lation. is being pushed through
by u Gaston Defferre, the' In-
terior Minister, in a bid ■. to
forestall a resurgence of
separatist violence • bn the
island.

However, solutions to the
^n 8 ? 0115 °* k° w much power
win be devolved to the assembly
. resources it will have
at its disposal wall, have to
wait until later . in . the year,
when the next; stages of the

Mitterrand administration’s
decentralisation programme
come up for debate.

Last-minute objections by the
Cornual of State, the judicial
advisory body, ' prevented M
Defferre from tabling all- of his
“ special statute ” plan for
Corsica last month..

The 1 61-member .. Corsican
assembly is due to-be elected
under & proportional represen-
tation system, for a six-year
period. It will appoint a presi-
dent for three years. Paris will
meanwhile keep its two pre-
fects — renamed commissioners
— on the' island.

The .. autonomist Corsican
People’s Union (UPC) party
has said . it will . take part in
toe elections with a list of can-
didates headed by Dr -Edmond
Simeoni, its charismatic figure-
head. • -

i!‘ A

>f1 ,

■M* 1 ' ’

• * rt

1!

Turkisheditor jailed

BY MET1N MUNIR iN ANKARA ^

MR NAH3T DimU, edtior of
roe weekly political magazine -
ArayjVwas oent to-: * dvffidn
prison yesterday - to serve a,
toree-month sentence.

. Arayis was' started .'by Mr -

Bulent Ecevit,. tbtf foriner Prime

■““fitter, after, =the . ''maitajty
takeover in . September, 1980.
w Ecevit was forced to leave
the magazine after the military,
issued a decree banning former
politidans • from -express ittg-
Wieir views publicly. He

violated ‘tije han amd was sent
to . prison ■ on - -HeeenAep'3 for
three »»»«»% ;. i ; ; ' .? /. -• n i":

Pgnfe 36, :i i^- ? gfenf flp ced

Dj.a. martial Jawioouirtifor an
unsigned^ * aitide’ ; -written . in-
; of J^ Eeevit ^hich
tne-mmtary found "offensive. -

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'2 ^- daily
holidays U.S,
suMo yH an r utatt&tBjQO per. annum,

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OORtTM,

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January T 1982

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AMERICAN NEWS

• - 3 -

by Svuuam warn in ^xico qty

MEXICO, .the world's fourth
largest ~ oir> ifruaucer,*'. has
threatened toratibu domestic
petrol supplies' if ^consumption
does not falL

President Jdse Lopez Portillo
said the ctmutry was reaching;
the “absurd-" stage'' where its-
refineries’ coidd 'not.- keep up
with i demand- and Mine petro-
leum products were' being - im-
' ported- He; said^Mesicoi . ran the
' risk of . exhausting ‘ its oil
resezim ..i 4 ,:.-.- •.

Since the economy -f* took off *’ .
in 1979, thanks to . oil-, wealth,
domestic petrol . consumption .
has increased sharply — last
year’s rise was 15 per cent The
economy has been growing by
an average of 8 per cent a year
over the same period.

The President's threat comes
two weeks after Pemex,.the state
.. oil concern, increased Ihe price
> of its ordinary grade petrol by
i 115 . per cent to Just over $1
• .(52p). a. gallon. • \ y -
' The Government, faced with a
? drop in revenue from oil ex-
r ports because of the world .oil
; glut with massive foreign bor-
rowing to. make up the revenue
; shortfall and with high state, ex-
- penditure to> maintain growth
and .counter social pressures,
had little alternative but to in-
; crease -domestic petrol prices..
But the move was unpopular,-,
as it is bound to boost the',
already high inflation, rate.

The . -President called the-
. present - consumption level
"scandalous ” but . observers
consider it unlikely that the
... Government will go to the ex-

IFrU

■ Sr LopezPortlHo: sees

situation.' as "scandalous”

treme of . rationing petrol.
Nevertheless the President's
remarks underscore his growing
alarm at the situation.

. The. price rise was a hard
-won 'battle for the Government,
which has to . contend with a
powerful trade union movement
allied to the ruling Institutional
Revolutionary Party.

- The Government last - week
.announced a wage ceiling for
1982 of almost 34 per ' cent — 5
per -cent in real terms — to com-
pensate workers for the petrol
increase. Some unions, how-
eyer^afe pushing for wage rises
■nearer 40 per cent.

. Editorial comment. Page 18

t:

U

? World Bank directors
approve new 1.5% fee

~Z5*

■:.2w

x.

WASHINGTON— The World
Bank’s directors have voted to
add a new. 1.5. per. cent fee on"
the arrangement of ail new
loans. ' - -

A bank official said borrowers
would .be able to add the fee
to the total of the loans, . thus
spreading oiit the. additional
cost over ' miany years. . . The
bank’s . present 0J5 .per cent
commi tmenf fee wbuld: continue
.to be changed, .‘,r .i,.:- S.-'.-Jf..

The official was unable to
.'estimate .how much the new fee
would bring ii But in the year
ended June 30, the ■ bank made
loons '-totalling $9.6bn to the
poor countries of the world. A
_ 1.5 per cent fee on those loans
would- have amounted in $144m.

World. Bank loans bear in-
terest well below the current
.market rate. Current loans are
.'b^iag made wife interest at H.6 J
;pfir c 3 nfji_year,' T - ' ' . -

DC-40 slat controls to be modified

BY PAUL BETTS IN NEW YORK

MctiONNELL DOUGLAS, the
U.S. aerospace company which
manufactures the DC-10 wide
body commercial • aircraft,
said yesterday it is proposing
to make two changes in the
mechanisms that control the
aircraft's leading edge wing
slats as additional safeguards
in the event of an engine
breakdown.

The proposals will he made
to the 45 users of the DC-10

at a meeting at the company's
Long Beach. California, head-
quarters next Thursday.

McDonnell . Douglas an-
nounced earlier this week It
was calling a special meeting
to discuss modifications in the
wing slat mechanisms. The
decision to make modifica-
tions follows the breakdown
Of an engine nn an Air
Florida DC 10 last September
which damaged the wing slats
as the aircraft was about to
take off at Miami.

The proposed changes
would ensure that slats re- 1
main extended even if the
systems that activate them
are damaged severely.

One of the changes in-
volves installing hydraulic
valves to act as locks and
keep the slats extended if
the hydraulic lines are
broken. As a further safety
back-up, the company pro-
poses to modify the cable
system controlling the main
hydraulic valves which con-

trol the slats.

McDonnell Douglas said -
yesterday that the Miami
accident was not related to
the 1979 Chicago disaster
when an American Airlines
DC-10 crashed just after take-
off with the loss of 273 lives.
* Wing slats are on the front
part of a wing and are
extended to Increase the size
of the wing to increase the lift
of an aircraft at low speeds.
They arc crucial in take-off
and landing.

Ford reports another disastrous sales year

BY OUR NEW YORK CORRESPONDENT

FORD, the number two U.S. car-
maker, had another disastrous
year in I9S1 with its domestic
car sales declining 6.1 per cent
from the depressed levels of
1980 to 1.38m cars.

The Ford figures compare to
a 7.8 per cent decline in General
Motors’ sales and an 11 per cent
increase in Chrysler’s. GM’s
2981 sales totalled 3.8m cars
while Chrysler's totalled

730.000.

The overall sales figures of
Detroit’s big three last year
dropped to 5.91m cars com-
pared to 6.4m in 1980. These
arc the worst Detroit annual
sales figures in 20 years.

But all three manufacturers
expect 1SS2 to show an improve-
ment although this is only likely
to occur in the latter half of the
year with no immediate pros-

pects of a recovery.

December was a particularly
bad month for Ford whose sales
declined by 37.7 per cent 72.036
cars compared to 215,615 cars
in December I960. GM's
December sales declined 19.6
per cent while Chrysler, which
on balance had a better year
than the other two saw its
December sales drop 23 per
cent.

December was the third con-
secutive month of sharply
declining sales of new cars
since the 1982 model year was
launched in October.

The general U.S. economic
recession and the effects of high
interest rales did not spare
foreign manufacturers. Volks-
wagen of America, whose
December sales were about
equal to those of December
1980, saw its total sales in 1981

Gadaffi agrees to
compensate Exxon

BY OUR NEW YORK CORRSPONDENT

LIBYA HAS agreed ttr compen-
sate Exxon, the world's largest
oil company, for assets aban-
doned by it last November at a
time of growing confrontation
betwen Tripoli and Washington.

The announcement came as a
surprise, given the bitter Libyan
reaction to Exxon’s pull-out. The
company said that.it had agreed
to sell its assets to the Libyan
National Oil Company for
"slightly less than net book
value."

The Libyan company did not
disclose the sum involved nor
reveal what the net book value
of the assets is. They included
a 49 per cent stake in oil-pro-
ducing operations which bad
been running at a rate of up to
200,000 barrels a day, and a
similar share in the liqeufied
natural gas complex at Brega.

Libya condemned Exxon's
withdrawal as "tantamount to
failure to carry out legal com-
mitments and a breach of con-
tract.” The pull-out came In the
wake of growing U.S. condem-
nation of Libya's support for
terrorist actions and the first
reports of plots by Colonel

Muammer Gadaffi’s regime to
assassinate President Ronald
Reagan.

The U.S. Administration
silently approved Exxon's
action. But despite its encour-
agement to American citizens
to withdraw from Libya— prior
to the order in December that
they should do so— the evidence
is that the decision was based
on commercial rather than poli-
tical considerations, in particu-
lar the high price of Libyan oil.

Libya's agreement to pur-
chase the assets left by Exxon
may be accounted for by its
■wish to reassure other U.S. oil
companies still operating in the
country — Occidental. Mobil and
Continental.

Exxon has said it expects
to complete its withdrawal
from Libya by the end of this
month.

Although other major U.S.
oil companies have considered
following Exxon’s action, they
have continued to maintain
their presence in the country.

Development budget cuts.
Page 4

Venezuelan oil row hi ghlig hts debate over economy

BY KIM FUAD IN CARACAS

PETROLEOS DE VENEZUELA,
the state oil monopoly and the
largest company in Latin
America with sales of $18.8bn
(£9.76bn) in 1980 has become
ensnared in a major controversy
reflecting lie clash in Vene-
zuela between rough-and-tumble
politics and long-term economic
interest.

The opening shots were fired
in mid-December by Dr Leo-
poldo Diaz Bruzuai, the Central
Bank president, and a key
economic adviser and personal
friend of President Luis Her-,
rcra Campins.

Dr Diaz Bruzuai, in a year-end
report on the. economy, charged
the company with inefficient
administration. He argued that
growth in. the oil industry's per-
sonnel and salary levels had
far outpaced productivity
increases in the six years since
the country's main economic
sector was taken over by the
state.

Sharp rebuttals came from
Gen Rafael Alfonzo Ravard.
Petroleos's president. Dr Hum-
berto Calderon Berti, the
Energy Minister; and others.
But Dr Diaz Bruzuel repeated

his attack two days later.

Personal and ideological rival-
ries have characterised Presi-
dent Herrera Caropins's
economic team ever since his
Christian Democratic Adminis-
tration took office in 1979.

Thus Dr Diaz Biuzual’s com-
ments were seen by some as
merely a pretext to attack the
Energy Minister, since both
men share an ill-concealed
animosity. To many observers
the Central Bank president's
charges were superficial and
failed to take into account the
complexities involved in man-
aging one of the world's lamest
and oldest oil industries. The
first commercial oil well was
sunk in Venezuela in 1914.

Both the Petroleos president
and Dr Calderon Berti were
quick to point ou> that Vene-
zuela had inherited an ageing-
industry requiring massive
financial and nianoower injec-
tions in order to stem decline
is existing fields nna open up
new areas. They noted that the
industry’-' 40.000 workforce nro-
duces two-thirds of Government
revenues while the bulk of
the other 200 state-owned enter-

prises make losses.

But the controversy has
deepened public pessimism over
the Government's ability to
stem the deterioration in Vene-
zuela's economic performance.
GNP rose S.4 y*»r cent in 1976.
but it fell more than 1 per cent
in 1980.

It has also tended' to distract
from what many government
and private sector economists,
including Dr Diaz Bruzuai, see
as light at the end of the tunnel
in this protracted decline.

They contend that even the
tiny 0.3 per cent GNP growth
in 1982, despite more than a 4
per cent fall in petroleum acti-
vities, may mean that the five-
year deterioration has finally
reached bottom.

The prolonged decline reflects
the effects of the excessively
rapid growth following the 1973-
1974 increase in oil prices and
a deliberate cooling of the eco-
nomy by the Herrera Campins
Administration after it took
offee. Growth was sacrificed in
its efforrs to put the Govern-
ment's finances in order and
combat soaring inflation.

lVhile the Government bas
reduced the inflation rate from
a record 23 per cent in 1980 to
around *6 per cent in 1981. the
process has had a high political
and economic cost. Unemploy-
ment has increased to 9 per
cent, and many small and
medium industries have gone
out of business.

With just two years left in
his five-year term, and opinion
polls showing only a 20 per
cent public approval oE econo-
mic policies, the Herrera
Campins Administration has
undertaken a major effort to
reactivate the economy.

While capital expenditure
represents only a quarter of the
$20bn 1982 budget, the Govern-
ment plans tou. draw upon
reserves and the oil industry to
build up Government capital
spending to over $10bn. Such
investment is essential if
renewed growth is to be
achieved in a country where the
state controls about 50 per cent
of the economy. .

Nevertheless, any real im-
provement in 1982 may hinge
on a mixture of oil prices and

party politics, two factors that
have determined social and
economic welfare for most of
Venezuela’s modem history.
The outlook in botb areas is
uncertain.

Even before Dr Diaz Bruzual's
attack, Venezuelan oil-men were
forecasting a difficult year in
1982. Oil prices are expected
to grow only marginally, if at
all, after the huge jumps
between 1979 and 1981 which
saw prices rise from an average
$17.69 a barrel to over $30 a
barrel.

There is a growing downward
pressure on the price of heavy
crude which makes up over a
third of the country’s l.Sm
barrel-a-day exports. This has
prompted -negotiations with
France and other European
countries for long-term heavy
crude supply- contracts. In fact.
Dr Calderon Berti admitted in
mid-December that Venezuela
could be forced to further
"adjust”- oil prices. u
euphemism for reducing prices.

Venezuela expects oil income
to total $19.6bn this year with
the Government receiving

$24bn. Many observers predict
that declining oil revenues
could force Venezuela to seek
further foreign loans despite its
present $19bn foreign debt
An even darker view of '
Venezuela's economic outTook >
is painted by Dr Petxo Palma. I
a prominent private sector
economist who fears party
politics may stand in the way
of stimulating the economy.

u Assuming the economy
remains stagnant in 1981. then
1983 is not likely to see better
than 2 per cent growth and
1983 and 1984 are electoral and
post-electoral years, respect-
ively. the country faces the
prospect of no economic re-
activation until 1985,” he says.

The tendency to give politics
precedence over practical eco-
nomic considerations plainly
has implications for one of
Latin ' America’s longest-lived
democracies. The decline of
the economy, with its pressures
on the country’s 16m popula-
tion, which doubled' in the past
decade, has .already sparked
social unrest which could
intensify in the future

■- .rJi

war 05 .

r Coi*

i _ ■-
- i-.

If.you'repldnmng the long term
futureof your company,you should
plan it around a source of energy
that's- going to be around .for some
time*, luce coal. Britain . has coal .
reserves which, based 1
on present mining ; .• ;
techniquesand pnesbnt
levels of production,-
wiliJastforat least .
another three hundred
yeans. And, with the ^
improvements in .\
technology that wift
undoubtedly comeduring tfiat'time,
theresenteswll last verymuch longer.
Does your company have

We are sure wedorft haye fo
-- remTnd you of the three-wpids you 1 .
can read in the newspapers almost
any day of the week: Middle-Easi^ .
crisis. We'll leave it to you foconiure -
up pictures of soaring oil prices, v
unreliable supplies and increasing
.tightsfodc

In fact, there is now no concrete .
arg ume nt"f or n ot installing coal fired,
boiler equipment, particularly ifytiur
■ company is planning to be around
for some lime. Maybe even in 300.-. .

years time. And isn't that important? ,
Coal: be prepared fo be
surprised .

There have been some very
impressive advances in boiler'

technology and combustion
equipment, as well as
methods of coal and ash
handling.

The whole operation
may be Very different from
how you imagine.

It's extremely efficient.

it's now possible to operate

in excess of 80% thermal efficiency
with modern coal fired- plant, which
makes coal firing both very economic
and competitive.

■ It can be completely automatic
with the modem coal and .ash
handling equipment-now available.
This permits coal fired boiler h ouses
to be light, airy and clean._ ^

And it's Very up-to-date.
Overtheyears extensive research and
development programmes have been
carried out. The most recent develop-
ment is fluidised bed combustion

This technique provides higher
heat release rates, which means
boiler seres, and therefore capital
costs, may be reduced.

It also means that a wider range
of coal can be burned and, with
combustion faking place at a
temperature below the melting point
jof ash, boiler availability is greatly
extended.

Companies that tan see
beyond the next twenty years.

Many far-sighted companies ore
using coal fired boilers
already.

Take Graham and
Brown, wallpaper printers,
example. The ir

new boiler house [which is maintained
in absolute pristine condition) has
been very much the cornerstone of
the company's expansion.

When planning the installation of
the new boiler house other fuelswere
considered, but at the recommendation
of their foe! supplier, Graham and
Brown, continued with coal. As David
Brown; Director, says
*That is the business
decision we shall all
remember as being of
great significance. Just
on fuel savings alone
we have calculated that
in the first 3 years of
operating the new
boilers we saved £80,000.'

This boiler house is truly modern
and was purposely designed for coal
firing. Frorii^uel reception, no fuel is
™ seenorhandledandash

^transported away
to a silo to await
collection. With modem

- lhe {p<r r * w ^n»« - —

pneumatic handling of coal and ash

** *»- ,,IMI|I I r ■ ^ tkie Unllar k/M ico ie worn offlriont rvft/4

Let us tell you.more

■The wide range of coal fired
boiler plant and equipment is
designed to meet every conceivable
need, from power generating
requirements to small units in
commercial buildings.

In addition there is a nationwide
network of coal distributors who are ■
strategically situated to
give advice qnd provide
an efficient delivery
service to industry.

If you would like one
of our fuel engineers to
visit end give you free,
expert advice, contactthe
NCB Technical Service. -

We wiflalso give you information
on the recent government grant
scheme which provides up to 25% of
the cost of switching from ail to coal-
fired boilers

ft's worth contacting us now. So
that you can help yourcompany to live
latei:

Sand to Tito National Coal Board,
Technical Service Branch,

Marketing Dept.. Hobart House,
Grosvanor Place. London SWTX 7AE

Name

Company

Address

I would like same technical leaflets on j — .

modem industrial burning equipment. I I

(would like one ofyour fuel engineers —

to visit my company. - I 1

We are considering installing new mdusfrial —
coal fired plant. LJ

Pleopetell me more a&outtfre Government ,

gramscheme. FT7/1/S2c U

COAL- BROWNS ENHGY INSURANCE

rt \ »•

'■v.

i

Financial Times Timrsdajr JanHary, 3 1982

OVERSEAS NEWS

Europe tops
U.S. in
Krugerrand
sales league

By Bernard Simon in

Johannesburg

EUROPE REPLACED the UE.
in 19S1 as the largest market
for Krugerrand gold coins,
according to Mr Don Mackay-
Coghill, chief executive of the
International Gold Corporation,
marketing arm of the South
.African Chamber of Mines,

Intergold disclosed that
Krugerrand sales totalled
3.559m ounces last year, 13.1 per
cent higher than in I960, but
well down on the record
0.012m ounces sold in 1978.
More than 34m ounces of
Krugerrands, which are minted
in four denominations, have
been sold since the coin was
launched in 1970.

Mr Mackay-Cogbill said U.S.
customers accounted for less
than 40 per cent of total sales
last year, after buying more
than half of all Krugerrands
sold in 19S0. Sales to Europe
rose to about 50 per cent of the
total in 1931.

U.S. demand was dented by
high interest rates, lower infla-
tion and the weak gold price,
while the Polish crisis stimu-
lated sales in Europe. 1 'When-
ever there is concern about the
Russian threat, people buy
coins,” Mr Mackay-CogMU said.

British concern
at Ghana coup

By Quentin Peel, Africa Editor

THE BRITISH Government
yesterday expressed its con-
cern at the developments in
Ghana following the military
coup, as its leader. Fit Lt Jerry
Rawlings, announced that
people's tribunals were to be
set up to try “those who have
committed crimes against the
people."

The Foreign Office said that
the “composition and intention”
of the ruling Provisional
National Defence Council
remained unclear. “It is our
hope that, as before, there will
be a speedy return to a demo-
cratically elected government,"
the statement said.

The latest broadcast by Radio
Accra quoted Fit Lt Rawlings
as saying that the people’s tri-
bunals would be held in
jwfolie, but would “ not be
fettered ... by the technical
rules which in the past perver-
ted the course of justice and
enabled criminals to go free.”

Foreign interest sharpens in China’s offshore oil

BY TONY WALKER IN PEKING

THE RECENT publication of a
corporate tax law by the Chinese
Government has caused a
quickening of interest among
foreign companies in China’s
offshore oil prospects.

“I the publication of
the law is a step forward,” said
a UJ3. oil company representa-
tive in Peking. But he added
that it will “ take a number of
further steps” before bids are
-plied for exploration, rights.

The draft law includes a
provision to allow foreign com-
panies to offset tax paid in
China against their domestic
tax liabilities and so avoid
double taxation.

Oil company representatives
here expect China to adopt a
“ two-stage " process in deciding
how to go about allocating
exploration leases in the Yellow
and South China seas. The first
stage would be for Pelting to
ask foreign companies to regis-
ter their interest in bidding.

It would then be up to the
Chinese to call actual bids,
which is likely to happen some-
time soon. The representative
of a big European oil con-
glomerate in China pointed out
that further regulations needed
to be published such as those
governing the payment of royal-
ties before bids can be called.
“We can’t make bids until we
get the whole picture,” he said.

Oil. company representatives
believe it will not be until at
least late this year and most
probably early in 1983 before
exploration leases are allocated.
This would allow an - expected
three to six months for the
Chinese to evaluate bids and
then additional time for com-
panies to negotiate draft con-
tracts.

Unlike other businessmen,

Border crossing change

CHINA has told the British
authorities in Hong Kong that
It is going to simplify the
border classing procedures
between the two territories at
Lo Wu, the main Hong Kong-
China border point, Kevin
Rafferty writes. Though the
Chinese have not staged their
reasons for the move, it is
intended to strengthen
China’s free trade zone at
Shenzhen, immediately

beyond the Lo Wu checkpoint
The plans have caused
something of a stir in China,
with Chinese rushing to try to
get on the right side of

capitalism. They are keen to
establish their residence or
workplace on the free trade
side of the tine.

When the boundary is
decided, China will probably
place a high fence round the
free trade area. The cost of
the fence could be £60 m.

For foreigners, procedures
for getting into China proper
would remain much the same,
bat access to Shenzhen would
be simpler, with either multi-
entry visas being awarded or
perhaps no visas at all being
necessary. Customs formali-
ties would be reduced.

such as bankers, oil company
executives are, generally, speak-
ing, happy with the draft cor-
porate tax regulations because
of their expected compatibility
with U.S. law. One executive
said it was apparent the Chinese
had U.S. oil companies with
their responsibilities to the
internal revenue service in mind.

On the face of it, according
to a ILS. lawyer based in
Peking, the draft would appear
to be compatible with U-S. law,
which sets a corporate tax rate
of around 48 per cent

China reportedly considered
a special oil tax, but discarded
the idea when it was pointed
out that such a tax would create
difficulties for U.S. companies
which have to satisfy strict
comparability requirements
under U.S. law.

More than 40 companies are
lining up to bid for leases in

China's offshore areas, which
have been the subject of exten-
sive seismological surveys. The
Chinese are now assessing data
gathered at great expense by
foreign oil companies interested
in bidding for exploration
rights.

It is on the basis of tills data
and its own surveys that China’s
Petroleum Ministry is deciding
how to divide up promising
areas for competitive bidding.

The recent oil symposium, in
Canton was an indication of
quickening interest in China’s
offshore oil prospects. It
attracted more than 400
delegates, many of them oil
company representatives.

The symposium, organised
by Wah-Chang International
Marine of Singapore and the
Guangdong Shipbuilding Cor-
poration had the technical
aspects of the oil industry such

as rig construction and servic-
ing as its main focus. It also
discussed financing, geological
prospects in the Pearl River
basin, and legal and insurance
issues.

Speakers at the conference,
■notably Mr Michael Sandberg,
chairman of the Hong Kong and
S hang hai Banking Corporation,
took a generally optimistic view
of China's oil prospects and the
contribution the Chinese could
make to relieving energy short-
ages in the Asian region.

Mr Sandberg told the Con-
ference that Aria was now the
home of some of the world’s
fastest growing economies,
where demand for energy was
growing at a “voracious rata”

“ China, therefore, has a
major role to play over the next
two decades by not only increas-
ing production to meet its
domestic demands, but also by
expanding exports to alleviate
a potentially chronic energy
shortage,’’ he. said.

China’s present oil output
amounts to about 2m barrels a
day, or 100m tons a year, but
the Chinese are having difficulty
maint ainin g production at such
levels. This is because of
faltering output . from the
Daqing Field, easily China’s
largest which accounts for
about 50 per cent of the
country's production.

Mr Zhao Ziyang, China’s
Prime Minister, admitted at the
National People's Congress last
month that there was a
tremendous waste of oil in
China and much greater efforts
at conservation would be
needed.

"At present, 40m tons of
petroleum are burnt as fuel
each year, a large proportion of
which should not have been so
used,” he said. “The waste is

Where China
will offer
offshore
oil rights

l-'JBI gi W6B1S:. , , ;

Participants in the seismic surveys in China’s offshor e w a ters
have been told that they will be contacted before me end.
of this month with further proposals on offshore develop-
ment, writes Collna MaeDongalL Peking is expected to ask
for a declaration of interest within the next two weeks, and
interested companies will he asked within the month for
tenders. A model contract has been prepared.

Industry leaders said bidding cannot start until foreign
companies know details such as the share-out of crude and
the role of the Chinese Government in pl anning and decision
making Terms are likely to be strict, since the Chinese
have been advised by Statoti, the tough Norwegian Govern-
ment offshore oil organisation.

enormous. The State Council
(China's cabinet) has decided
to take the necessary measures
in the next 10 years to replace
oil consumption by coal con-
sumption, saving petroleum for
processing at home or for
export, and to use the revenues
thus derived for building our
energy industry and transport”
On the question of outside

involvement In the develop-
ment of China's oil industry,
Mr Zhao said: “ In accordance
with the principle of mutual
benefit, the Government has
decided to invite tenders from
foreign firms in the near future
and, with their co-operation, to
step up exploration and open
and build new oilfields as soon
as possible.”

Khartoum demonstration
march ends in violence

BY RICK W ELLS tN KHARTOUM

POLICE fired shots in the air
and tear gas at 5.000 students
marching in Khartoum yester-
day in protest against the
regime of President Jaafar
Nimeiri. One student was
reported to have been
wounded.

The students hurled bricks
and stone^ at the Government
party's headquarters and at the
American cultural centre
before reaching the Cairo
branch of the university on the
other side of Khartoum, la
contrast with Tuesday’s march

by students of the Cairo
branch, onlookers supported
the students with chants call-
ing for a new revolution.

Shops were closed and armed
soldiers manned petrol
stations. The disturbances are
seen as a reaction to the
stringent economic measures
brought in by President
Nimeiri under the conditions
imposed by the International
Monetary Fund.

.The demonstrations follow
the arrest on Monday of 21
prominent southern Sudanese

President Nimeiri

Our Cairo Correspondent
adds: The Egyptian Foreign
Minister, Mr Kama! Hasan All
has made a surprise trip to the
Sudan, it was announced.

Libya cuts

development

budget

By Patrick Coddbum

LIBYA’S development budget
will fall marginally In 1982
to LD 2.4ba (S8bn) from
LD 2.7b a last year, the Plan-
ning Secretariat has said in
Tripoli The new figure was
agreed after detailed studies
on oil revenues.

The sectors receiving the
largest sums are agriculture
(LD 347m) and heavy
industry (LD 493m). Libya’s
oil revenues are now increas-
ing as crude exports increase
from a low of 600,000 barrels
a day (b/d) last October.

Sri Lankan business
leader enters politics

BY KEVIN RAFFERTY IN SINGAPORE

MR UPALI WIJEWARDENE,
head of one of the biggest
private sector business groups
in Sri Lanka, has resigned from
a key administrative post in
order to enter politics. He has
declared his ambitions to be
Finance Minister and attacked
the Prime Minister, Mr
Rasaringhe Premadasa.

Until this week Mr Wijewar-
dene was Director-General of
the Greater Colombo Economic
Commission, responsible for
attracting foreign investment to
Sri Lanka's free trade zones and

for trying to promote free
enterprise in the country. His
Upali Group has wide interests
in cocoa, rubber and palm oil
as well as industry.

Last year Mr Wijewardene
launched an English language
newspaper and allowed a to be
used to mount attacks on the
Prime Minister, Finance -Minis-
ter and other Ministers. '

For all his criticism however,
Mr Wijewardene supports Presi-
dent Junius Jaywardene and
las programme.

Romanian

envoy

visits

Begin

By David Lennon in Td Avhf
MR MENAHEM BEGIN, the
Israeli Prime Minister, held long
talks yesterday with a special
envoy from the Romanian Presi-
dent, Mr Nikolae Ceausescu,
amid reports of a possible
attempt by Bucharest to medi-
ate in 'the Middle East dispute.

President Ceausescu played
a role in the' secret negotiations
preceding the late President
Anwar Sadat’s 1977 peace initia-
tive. Mr Begin’s office
emphatically denied yesterday
that the special envoy, Mr Vacile
Puugan. Secretary of the
Romanian State Council, had
made any mediation offer. '

Romania is the only East
European Communist country
which still retains diplomatic
relations with Israel, and is
sometimes regarded as acting
on behalf of the Soviet Union.

But the Prime Minister’s
spokesman said that there had
been no mention -of a Soviet
role in a new Middle East peace
conference or a renewal of ties
with Moscow at yesterday’s
talks.

Mr Pungan delivered a verbal
message from President
Ceausescu about international
and regional issues and bilateral
ties. No details were released.
Mr Begin gave the envoy “ some
documents connected with the
situation in the region ” to take
back to the Romanian President,
the spokesman said.

• Israel's civil servants held a
one-day strike in a demand for
higher pay yesterday which
paralysed government services.
Government offices were closed,
hospitals operated on emer-
gency schedules, radio and TV
broadcasts stopped, apart from
news reports, and trains were
halted.

The civil servants are demand-
ing a 420 shekel (£13.86)
monthly increase for employees
earning less than 5,000 shekels

Korea and Japan
to hold aid tadks

JAPAN and Korea are expected
to hold working level talks on
aid “in the near future," the
Japanese Foreign Ministry said
last night, Charles Smith writes
from Tokyo. Japan regards the
talks as primarily an oppor-
tunity to discuss the aid to be
given in the current (1981)
fiscal year,, but Korea appar-
ently hopes to presets demand
for a $6bn (£3.1bn) five-year
aid commitment.

WORLD TRADE NEWS

SIA makes
plea on
airfares

By Kevin Rafferty in Singapore

SINGAPORE AIRLINES chair-
man, Mr J. Y. M. Pillay, yester-
day appealed for airlines to be
able to set their own fares in
accordance with market
conditions.

He accused the regulatory
authorities which set fares of
“ spitting in the wind and flying
in the fact of commercial
logic.”

Mr Pillay said that in other
businesses “ prices are set by
the merchant. Why are airlines
not allowed to set prices accord-
ing to market conditions.”

Under Mr Pillay’s direction,
Singapore Airlines (SIA) has
grown from the small national
airline of an island country of
2.4m people to one of the top
15 international carriers. It has
so far refused to join the Inter-
national Air Transport Associ-
ation, because, Mr ‘Pillay said,
originally “it tried to regulate
the size of sandwiches and
other standards of service."

The airline has faced criticism
from many rivals who have
accused it of undercutting
prices.

Mr Pfilay said that SIA had
been singled out for discrimina-
tion. “We would like to see a
clean market with transparency
of fares.”

Mr Pillay’s remarks came
hours before the West German
air authorities in Bonn met
Luthansa and other airlines fly-
ing to Asia to try to end the row
over fares discounting between
West Germany and Asia. In a
row at the end of last year the
West German authorities un-
precedentiy limited SIA's win-
ter schedules. ■

Mr Pillay accused the West
Germans of "King SIA as “a
Whipping .boy.” Eventually the
argument was settled by SIA
promising to dean up the fares
market if all other airlines also
abided by the published tariffs.

“We will keep our side of
tile bargain. The authorities in
Germany have now got to get
everyone to stay dean.”

He added that West Germany
had been “putting the squeeze
cn us for no reason than that
we were providing stiff competi-
tion. for Lufthansa.”

SIA also faces claims in the
U.S. that it has been indulging
in irregular price-cutting. Mr
Pillay said; “la America, our
prices are certainly not the
lowest in the market We are
not interested In selling fares
below our costs because that is
suicidal”

Boeing ready to roll out narrow-bodied 757

BY MICHAEL DONNE, AEROSPACE CORRESPONDENT

'BOEING, the; world’s biggest
jet airliner builder, is to roll
out its latest aircraft, the
narrow-bodied, twin-engined
757, next Wednesday at its
factory near Seattle.

It will be the second jet
rolled oat by Boeing in five
months. The other was the
semi-wide-bodied 767, ■ which
emerged last August and is
well into its flight test
programme.

The 757 is significant for
Rolls-Royce, whose RB-211
Dash 535 engine powers the
aircraft, and for. British
Airways, which has ordered
19 aircraft with another 18
on option, in an order worth
over £400m including spares.

Total orders for the 757 to
date amount to 136 aircraft,
from seven airlines, with
another 61 aircraft on option,
worth in all about 57bn at an
average price of about $34m
per aircraft.

The first flight of the 757
will be made next month, and
after a nine-month test flight
programme, the first aircraft
will he delivered to Eastern
Airlines of the UJS. in
December. Eastern has
ordered 27, with another 24
on option.

The first deliveries will be
made to British Airways in
early 1983, and the aircraft
will be put on to Its short-
haul routes to the Continent,
and on the UK domestic
Shuttle routes.

The twin-engine Boeing
757 is a most significant air-
craft for the airline industry.
Seating about 180 passengers,
and capable of flying
distances averaging about

The final tenches are put to a .757 jet in Seattle.

3,500 miles— it ris described
as a short- to medlum-hanl
aircraft — it is intended as a
replacement for many ageing
aircraft types, ranging from.
One-Elevens, Tridents, DGOs,
and Boeing 727s.

The 757 could make inroads
into the potential market for
tile projected smaller
150-seater type airliners.'

Operators interested in
150-seaters could fly 757s
with fewer seats, especially
since Boeing claims the fuel
economy of the aircraft is up
to 35' per cent bettor than
any of the aircraft It is likely

to replace.

In addition to British Air-
ways and Eastern Airlines,
two other airlines have
ordered the 757 with Rolls-
Royee engines — Monarch of
the UK, which has ordered
three with another on option,
and Air Florida, three with
three on option.

But Rolls-Royce has con-
siderable competition on
engines. Pratt and Whitney,
with its FW-2037. has won
major orders from American
Airlines (15 firm and 15
options), and Delta (60 firm
with an undisclosed number

of options). Among potential
customers for the aircraft are
Pan American, Northwest and
other operators.

Boeing is setting its sights
on a break-even sales target
of at least 300 aircraft over
the next five years, but it be-
lieves the ultimate market
could amount to over 1,000
aircraft through the 1980s
Once the recession ends, it
believes there win be a flood
of orders.

Boeing needs this kind of
market to cover its develop-
ment costs, estimated at over
$L5bn for the 757.

Jet leasing ‘low priority’ in Tokyo scheme

BY RICHARD C HANSON IN TOKYO

AIRCRAFT LEASING to third
parties will be a “very low
priority” in the $50Qm (£263m)
import finance scheme being
formulated by the Japanese
Government, according to the
Ministry of International Trade
and Industry (Miti).

The programme is due to
begin on January 15 as part of a
package of measures approved
by the Cabinet in December
aimed primarily at reducing
Japan's trade surplus with the
U.S. and Europe.

Final details still have to be
worked out, but Miti says the
priority in the programme,
which involves dollar lending
from the official reserves by the
Japanese Export and Import

Bank, will be financing imports
of certain commodities and
manufactured goods for use in
Japan.

Buying of rare zoetals, non-
ferrous metals, electronic medi-
cal equipment and perhaps
leasing items such as helicop-
ters and light aircraft for
Japanese . companies are
included in the tentative list
of goods which will qualify for
official financing aid.

The programme could be ex-
tended also, to include dollar
financing by the Exim Bank of
aircraft purchases by a domes-
tic airliner.

AH Nippon Airways, for
example; may be able to take
advantage of Japanese Exim

Bank dollar financing if and
-when it derides to acquire new
Boeing 767a, for which U.S.
Kxurihank export credits
might not be available.

• A Miti official suggests that
little of the modest $500m sum
proposed for the programme
may be left over.

In any case, a number of dis-
couraging hurdles will have to
be overcome before a pro-
gramme resembling th« 1978
emergency aircraft leasing
scheme can be made to wyrk.

The first problem is anj argu-
ment. between the Fiance
Min istry and Miti over wither
leasing aircraft to othersMould
qualify as an import to Japan.

The Finance Ministry diiged

its mind in 1978, and ruled that
financing the leasing of aircraft
(under the non-binding recom-
mendations of the IMF) should
not be counted as a merchandise
trade item as an import to Japan
and subsequent re-export to the
user, but rather as a capital
movement

•nua argues lor a loopuoie ii
the rules which would allow th
leasing company in Japan t
claim temporary ownership — ge;
for a week— to qualify in th
trade statistics as an import.

The most important point t
that any such, aircraft leasinj
represents a “ new " acquisitioi
one which would not be madi
but for the availability of speda
Japanese financing.

‘Frustration’
in

over Japan

By Charles Smith in Tokyo

JAPAN'S trade problems with
the West will not be solved
until Western ‘ businessmen
believe that they enjoy the
same access to Japanese
markets as Japanese ex-
porters do in their own coun-
tries, Mr Mike Mansfleld,
Ufa. Ambassador to Japan,
said yesterday.

He said that he thought there
was a "fundamental frustra-
tion” in the U.S. over the
difficulties of penetrating the
Japanese market

The existence of such feelings
posed a " grave risk ” to
Japan and meant that action
to open the market was
becoming urgent Failing
such action, the ambassador
suggested that the U.S. Con-
gress might take punitive
measures.

These could include the imposi-
tion of a special tax on
Japanese imports or the
introduction of minimum
U.S. content rules for all im-
ported foreign cars.

Iran proposes
Bandar

Khomeini talks

By Our Ear East Editor in Tokyo

IRAN HAS failed to produce a
clear response to Japanese de-
mands that it should shoulder
all future costs involved in
the completion of the Bandar
Khomeini project in southern
Iran, the Mitsui group said
yesterday.

Instead it has proposed consul-
tations cn a formula for re-
starting work on the project
within the terms of the exist-
ing contract, under which,
costs are supposed to be
shared equally by the Japa-
nese and Iranian partners.

The proposal was contained in
a letter to the president of
Iran Chemical Development
Corporation from Mr Mostafa
Taheri, chairman of the Iran
National Petrochemical Com-
pany.

ICDC and NPC are the two
main shareholders in- the
Iran -Japan Petrochemical
Company (UPC) which is in
charge of the project

Mitsui— the biggest ICDC share-
holder— said that the Iranian
letter was unsatisfactory. If
Iran failed to give a “clear
reply” to Japan on revision
of the contract anything
might happen, the company
said.

UK hopes India will
be first overseas
buyer for System X

BY CUY DC fONQUKR£S

MR KENNETH BAKER, British
Minister for Information Tech-
nology at the Industry Depart-
ment, will seek next week to
persuade the Indian Govern-
ment to become the first over-
seas customer for System X,
Britain’s advanced electronic
telephone exchange.

System X Is being entered in
the bidding for the first phase
of a project to modernise and
expand India’s ageing public
telecommunications network.
The project is expected to re-
quire a total investment .of
more than £100m over several
years:

The Indian Government has
called for tenders by March.
Keen competition is expected
from several large telecommuni-
cations manufacturers, includ-
ing L. M. Ericsson of Sweden,
Japan’s Nippon. Electric Cor- ■
poration, the Belgian sub-,
si diary of International Tele-
phone and Telegraph of the U.S.
and at least one French, com-
pany.

Mr Baker will visit India wi t h ■
Sir George Jefferson, chairman
of British Telecom. Sir George
is expected to bolster the sales
effort by offering Tnrirn™ offi-
cials extensive technical co-
operation and support if they
decide to buy System X.

India is seeking initially the
supply of 200,000 Bocal exchange
line s. It wants the.most modem
type of digital exchan g es , winch
use computers to switch and
control voice and data commu-
nications.

The Indians have also aske
bidders to make proposals fo
the construction of a large I oca
plant which could manufactun
500,000 exchange lines a yea
and for assistance in exportinj
part of its production to thin
countries.

The financing of the projec
is likely to play an i’mjnw’tan
rate in the .eventual contras
derision. India, hopes to hot
row a sizeable proportion of tin
cost from, the Wo rid Bank, bu
it is also expected to bargaii
hard on terms with bidders be
fore it chooses a supplier k
1983.

. The British Government bai
yet to decide bow wmrfi back
ing it wtifl give System X. Thi
Industry Department recent*:
commissioned an - independen
review off System X*s exp or
prospects which is expected tc
serve as. a basis for derisions
on financing.

British Telecom has investee
more than £lOOm so far in tiM
development of - System X
Export marketing is beinf
bandied by Bri tish Telecom-
munications Systems, a consor-
tium formed by- British
Telecom, the General Electric
Company (GEC), Plessey and
Standard Telephones and
Cables.

The Indian project will be
System XV first attempt at a
major overseas order. .GEC.
which has extensive business
links with the sub-continent,
has been appointed prime
contractor.

Berlin Consult wins
contract worth £21m

by issue cdurr m Berlin

BERLIN CONSULT, the West
Berlin engineering consultant,
bag won a DM 40m (£21m)
contract from Bast Germany to
build a turnkey plant for the
production of baking yeast.

.The contract wax signed
with Industrieanlagen-Inyxsrt.

factory, which ds to have
an annual capacity, of 16,000
tong Is to be built in -Leipzig
find is to be completed by. next
year.

Berlin Consuifs ' pat
. tiie project is-.standard
International in New
which is to provide the
.ing know-how.

The , equipment ft
baking yeast plant -is to
vided by several media
German companies. Sim
Berlin -Consult has hufli
in East Germany- wort]
than DMSOOm . mad -i
heavily engaged in die
mid East- German marl

Times '^tiraias; January 7 .1982

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UK NEWS

,••■ D - i

‘,^1;

under fire
two sides
talks

BY HAZEL DUFFY, WDUSTR1AL CORRESPONDENT

SIR GEOFFRj^V HOWE, the
Chancellor. dame under attack
from tfeeTUC at the meeting
yesterday : - of -. the National
Economic Development Council
when he refused to -meet the
TUCs request-- that -two of its
reflation, demands, he included
in official .forecasts,- ._

CBI members of the NEDC

concentrated tfcefr pleas to the
Chancellor' on the need for
Gaveridment to do something
about cutting costs borne by the
private sector.

• . Mr Leu Murray, TUC genera!
secretary, called the official
forecasts of 1 per cent growth
in 1982 “utterly unacceptable,"
while Sir Terence Beckett, CBI
director general, described such
a growth rate as “ stagnation.”

TUC members claimed that
the Government could do more
to stimulate growth without
putting at- risk the control of
inflation. Mr Murray asked for
two variables*— an increase in
public capital expenditure of
£2bn .and a reduction in VAT
from 15 per cent to 12 per cent
He wanted them included in the
forecasts to see the effect this
would have on inflation, output ;
and employment

Mr Murray said that exercise
could be done in “half an hour,”
and the Chancellor could come
back . to the next Council meet- '
ingwitb the results so mem-
bers could discuss options.

- But the Chancellor told TUC
members: “You. cannot say a

forecast is unacceptable, other-
wise you are like Canute
resisting the tides.” The discus-
sion that followed did not pro-
duce a dear-cot answer.

Mr Geoffrey Chandler, NEDC
director general, described the
outcome as the Chancellor
“agreeing to - come hack to
Council in principle, but not
. precisely on- the terms requested
by the TUC.”

The Chancellor's paper re-
corded some of the progress
that has been made in the

economy : in the view, of the
Governmeht, particularly as
regards . adjusting to a lower
rate of inflation, and becoming
more efficient. But he did admit
that the. "pace is still frustrat-
ingty-slow.”

The CBI said that the private
sector had made a major con-
tribution to reducing costs.
While supporting the Govern-
ment on inflation, CBI members
said it could do something to
help industiy by reducing the
National Insurance surcharge
and Interest rates.

Sir Raymond Pennock, CBI
president, and chairman of
B1CC. said that the surcharge
cost BICC £9m annually.

While agreeing with the
Chancellor, that productivity
had improved, the CBI pointed
out that this might be the con-
sequence of bad plants going
out of business. It did not
necessarily imply longer-term
gains in productivity.

Sudden postponement of
De Lorean share issue

- BY KENNETH GOODING, MOTOR INDUSTRY CORRESPONDENT

DE LOREAN Motors, the sports
car venture .backed by nearly
£80m of UK •" Government
money,' yesterday, postponed at
the last ^moment a share issue
to raise $12m In the U.S. '

. According, to- lead' under-
writer, 'Bache Halsey Stuart
Shields, the. postponement was
caused by “-market conditions.”

The Dow Jones - Industrial
Average fell 172. on Tuesday
because of worries over interest
-rates following an unexpected
sharp rise in. the: weekly. U.S.
money - supply- figures.. Mid-way -
through trading yesterday- the
index was down a further 6.8
points. ■■■'*'

The underwriters had hoped
for i price of $12 from each of-
the lm units to he offered on
the New York , stock exchange
by De Lorean. . .. -

They had already cut by half
the cash they hoped to raise for
the company because of market
conditions. ■

• Previously, De Lorean
expected to raiSe $28m.

The bulk of the new money
is to be used for a new saloon
version of the Belfast-built De
Lorean car.

- - The decision to go for less
money will leave a bigger gap
than ever — $80m — between
the cash raised by the share
issue and' the expected cost of-

the new saloon.

De Lorean also wants the
extra . money to help pay off a
~$3.1m instalment on notes it
has issued to members of a
limited research and develop-
ment partnership put together
for it by Oppenheimer and
Company as a tax shelter.

A . further $2.4m will be
required to cover Oppen-
he liner's fees. -

'Hie pretiminaiy prospectus,
issued in November, showed
that tiie intended offer would
be-e#' stock- e- new tnobreiia
company, De Lorean Motor
Holding. The lm units will con-
sist of one dhore plus a five-
year warrant convertible into
one more share.

Mr John De Lorean, tiie
founder, will end up with more
• than 42 per cent of the holding
company The Northern Ireland
Development Agency, the
vehicle through which most of
the UK State cash was chan-
neled into Be Lorean, wiM
have about one third via a
swap of its existing holding in
the Belfast manufacturing com-
pany.

.De Lorean said that the de-
cision to reduce the scale of
the share issue' and the post-
ponement had nothing to- do
with the recent controversy
surrounding the company..

Motoring Which proposes
higher MOT test fee

FINANCIAL TIMES REPORTER

THE COST of an. MOT test
should rise substantially to
ensure that the test is done
thoroughly' the Consumers’:
Association- journal Motoring.
Which: suggests today.

It says the present cost of
£7.10 buys barely half an hour
at typical' garage labour rates.
"We estimate that to do a test
and go through all 30 or so
points thoroughly takes nearer
an hour— so we would think a
cost of £10 to £12 a more realis-
tic charge.”

. That was not an unreasonable
price to . pay for a .thorough
safety .check* the association
says.

It reports that there has been
marked improvement in MOT
standards since they were last
looked at 10 years ago. The vast
majority, of tests made the cpr-
rect “pass" or “fail” decision
when six cars were tested 10
times each at a wide range of
test centres.

But two cars St only for the
scrap heap were each given one
pass during the exercise. One
of .the cars, a 1968 Morris Mini,
was -deemed “too dangerous to
drive on the read” by the asso-
ciation's staff who took it around
the country by trailer.

Only, six out of 60 tests
resulted in a wrong judgment
— “certainly not a bad score.”

The Department of Trans-
port indicated yesterday that
it does not believe a stdastan-
tial increase in charges would
be beneficial A big rise in MOT
charges would, only discourage
more people from taking the
mandatory test oh cars three
years old. it- suggested. ■

The Automobile Association
said it did not believe the 4 to
8 per cent o£ accidents in which
vehicle defects are a sole or
contributory cause would be
cut by raising the cost of the
MOT. f .

Texan snuffs flame after
rogue oil well blow-out

BY RAY D AFTER, ENERGY EDITOR'

TEXAN OILFIELD trouble-
shooter, Mr “Boots* Hansen,
yesterday snuffed out a 46-foot
name at a rogue <rfl WeH in
Yorkshire. ' „ ,

The flame, wWch at times had
been 100 feet high, had been
burning since December 21 fol-
lowing a “blowout” at Taylor
Woodrow Energy’s Hatfield
Moors site. Mr Hansen tem-
porarily extinguished the blaze
Hy .covering the well with part
of the steel' well-head equip-
roent- v '

The. gas which had been feed-
ing -the . blaze was then re-
ignited at the' top of a specially
InstaiHed pipe, some 20. feet
above the wel head.

Taylor Woodrow, -as operator
for an on-shore exploration con-

sortium, said tiie gas would be
diverted through flow lines to a
poatitm about 300 feet from the
well. H would then be burned
as engineers monitored the
flow rate to determine the size
of the underground reservoir.

One man was slightly injured
when the drilling crew struck
tie gas pocket unexpectedy at
about 1.500 feet below the
ground.

Members of the drilling con-
sortium are: Taylor WoodTo'w
r 14,25 per cent), Candecca
Resources (41.26 per cent!
RTZ Oil and Gas (2o per cent),
Haoma North West Oil and Gas
(10 per cent), and James Finlay
and Company (9.5 per cent).

Lex, Back Page

Disciplinary
committee
sees report
on HaUiday
Simpson

By John Moon

THE RULING council of the
Stock Exchange has passed
across a report prepared by a
special internal investigation
team Into the affairs of Hatil-
day Simpson, a Manchester
stock broking- firm suspended
last July, to its disciplinary
committee.

The report, which has con-
cluded that disciplinary
action is necessary. Is being
studied by the disciplinary
committee which is taking
legal adviep. Lawyers for
Haltiday Simpson said yester-
day morning that its clients
had yet to bear from the Stock
Exchange about the report,
which is remaining con-
fidential.

The HaUiday Simpson In-
vestigation evolved from
Chieftain Unit Trust group’s
request For the Stock
Exchange to lok at dealings
which bad come to light
during an Investigation into
“ put through ” deals.

Mr Peter Potts, chairman
of ChleFtaln. confirmed yes-
terday that legal action was
being planned- against a
former employee, a Tund man-
ager who was sacked after
an internal inquiry. * Papers
are being drawn up,” he said
yesterday, but be was not
sure when the action, which
has been contemplated for
some time, would begin.

More aid sought
for road repair

FREEZING temperatures and
floods are damaging Britain's
roads to such an extent that
local authorities are to call
on the Government for extra
money for road maintenance,
the Association of County
Councils said yesterday.

Suffolk County Council has
already written to the
Transport Department seek-
ing assurances that the
council will not be penalised
if it overspends on winter
road maintenance. Several
other counties used their
total budget for gritting mid
snow clearance in December.

The association expects to
make • the call for more
Government aid when both
sides meet at the. consultative
council for local government
finance in a few weeks.

Maintenance of motorways
and trunk roads is paid, for by
councils with direct grants
from the Government. Other
roads, however, are paid for
by councils out of rates,
aided by the Government’s
rate support grant.

The arguments for more
cash for motorway and trunk
road repairs would he con-
sidered “very strongly” the
Transport Department said
last night

Record £165m of
heroin seized

A. RECORD amount of heroin
was seized last year In the
UK — 86.8 kilos worth nearly
£Z6.5m ,

Experts in the Customs In-
vestigation Division estimate
about 80 per cent was in-
tended for use by addicts in
Britain.

Because of the increase In
heroin seizures in 1981 —
up 127.7 per cent from
the previous year — the staff
of investigators had been in-
creased.

Hie Indian sub continent
.emerged as a major source of
heroin destined for Britain.
More thtau 59 per cent of the
drug seized last year came
from there.

The biggest seizure of
heroin last year was at Dover
where 8.88 kilos was found
hidden in a vehicle from the
Middle East

Beer production

BEER production 0.4 per
cent in November to 3.3m
bulk barrels compared with
tiie same month last year was
the second lowest figure for
November since 1973.

Beer production in the
11-months to the. end of
November wag down 5.1 per
cent on the previous year at
34L8m bulk barrels.

Company buying

PROSPECTIVE purchasers of
companies have regained
their confidence since the
effects of high interest rates
in the middle of last year,
according to a survey by
Divereo a leading company
broker of medium-cost
companies.

Divereo logged 170 news-
paper adverts seeking com-
poises to buy In the final
quarter of last year, just
short of the peak of 180 m
the first quarter of last year.

Citreon price rise

CITROEN. THE Peugeot sub-
sidiary, is putting up UK
prices by an average 5.8 per
eent. Increases include £95
on the 2CV6 Special lo £2J85;
£Z60 on the Visa Club, taking
it to £3,458; £248 on a GSA
Pallas, up to £4,998 and £395
on the diesel Safari, up to
£8,811.

Steel price increases hit first-stage users

STEEL-RELATED SECTORS
which do not share the main
industry's price and production
controls are becoming increas-
ingly worried about rises in
European steel costs.

Steel producers are raising
prices by an average 121 per
cent thi» month and will in-
crease them again later in the
year. There have been protests
from many sections of manufac-
turing industry, but the “first
stage of transformation ’’ in-
dustries which depend upon
steel as their staple raw
material face a mare specific
problem.

This is illustrated by the
British wire industry, which is
struggling for viability in a
shrinking market.

Wire and other transforma-
tion products such as forgings
and castings, seamless and
welded tubes, and bright bar
are not defined as sieel products
under the 1951 Treaty of Paris
which established the European
Coal and SleeL Community.

Alan Pike looks at a problem of manufacturers
unprotected by cost and production controls

Hot-rolled wire rod. the wire
industry's fundamental raw
material, represents about 60
per cent of wire’s selling price.
Wire rod comes under the
Treaty of Paris as a steel, pro-
duct, so it is subject to both the
production control system being
applied by the European Com-
mission and the price inorentt-s
being imposed by Eurofer. the
EEC steelmakers’ club.

These measures have com-
bined to produce price increases
of between £30 and £40 a tonne
in recent months. Prices went
up 10 per cent in October anil
will rise about 15 per cent this
month.

British wire rod prices, which
are similar to those on the
Continent, now average £208.50
for low carbon products and

£227.30 For high carbon.

The British industry raised
its prices lo broadly match the
October wire rod increase, but
there are doubts about its
ability to continue doing so
without a prmective structure
similar to that of the steel pro-
ducers.

The steel price increases have
been accompanied by consider-
able increases in the industry’s
other important material, zinc,
which is used for galvanising.

British wire producers in-
clude Allied Sieel aud Wire—
the jointly-owned company
formed last year between the
British Steel Corporation and
GKN'-Bridon Wire, Chiswell
Wire. Tinsley Wire and the
Standard Wire Company.

The side effects of the EEC’s

attempts to raise -steel prices
are adding to the industry’s
burdens during a period of
severe contraction.

The British steel wire market
has halved since 1973 from lm
to 5Q0.DUQ tonnes a year. In
this period Imports of wire
rose from 12,000 to 55,000
tonnes while exports declined
35 per cent Employment in
the industry is down to between
10.000 and 12.000.

Other wire manufacturers
ha^e experienced similar prob-
lems, One of wire’s disadvan-
tages in not being a Treaty of
Paris steel product is that it
has more limited import
protection.

There are Indications that
the increasing effectiveness of
EEC. efforts to rationalise steel

production and prices may leaff
lo demands for wire to be
brought within the Treaty.

This would have some indus-
trial logic. In some plants steel
and wire are produced in the
same works and a company
restructuring its steel activities
could, for example, offer more
generous redundancy terms to
steel employees than those
making wire.

There has not yet been suffi-
cient EEC-level discussion to
indicate whether the majority
of wire producers would wish to
accept the obligations, as weil
as the protection, of the
Treaty of Pa|is.

British wire snanufacturers
are exchided from another
source of assistance to steel
producers. The Government has
decided they will not qualify
for the £22m aid scheme for
restructuring an redundancies
in the private steel sector
announced by Mr Patrick
Jenkin, Industry Secretary,
last month.

Liberals likely to let Jenkins contest Glasgow seat

BY PETER RIDDELL. POLITICAL EDITOR

MR ROY JENKINS is likely
to be given a clear run by the
Liberals to fight the Glasgow
Billhead by-election if he de-
cides to put his name forward.
The outcome is still uncertain,
although he is already assured
of the support of local SDP
members.

Mr Jenkins will not say any-
thing .publicly until after the
funeral today of Sir Thomas
Galbrait. the former Tory- mem-
ber for Hillhead who died last
weekend. Mr Jenkins has not
finally made up his mind,
alihough he is likely to have
been encouraged by the results
of a National Opinion Poll in
yesterday's Daily Mail.

This showed he would re-
ceive 33 per cent of the vote
for the Alliance, against 31 per
cent for Labour, 2 2 per cent

for the Conservatives and 13
per eent for the Scottish
National-fets. Mr Chick Brodie.
the Liberal candidate, would
atLracr 31 per cent for the
Alliance against 32 per cent for
Labour.

This is a favourable starting
point for Mr Jenkins even be-
fore he has declared his inten-
tions and any campaign has
started to squeere Lahour and
Tory votes. Mr Jenkins would
also have The advantage that
the Labour candidate is an
Englishman.

Mr Jenkins will make his
position known by the end of
the week. The SDP and Liberals
are due to meet in Scotland to-
morrow. It he decides against
standing, the Liberals are likely
to press for Mr Bodie rather
than any SDP candidate.

Mr Jenkins had dinner last
night with Mr David Steel, the
Liheral leader.

The SDP and Liberal’s
national negotiating Terms will
meet over lunch tomorrow in an
attempt to sort ou their recent
differences aver the allocation
of parliamentary seats. The
result is likely to be resump-
tion of negotiations about seats,
but with the introduction of
machinery to iron out any future
differences.

There is also likely to he an
understanding that a fence
should he drawn round the dis-
pute at Greenock .where the
local Liberals are challenging
Dr Dickson Mahon, the sitting
SDP' member.

The Liberals will press for
talks to continue elsewhere. But
the SDP is expected to maintain

that the local Liberals are acting
in defiance of national guide-
lines.

Attitudes on both sides are
likely to be heavily guarded with
a recognition that a lasting
understanding will depend on
whet happens locally.

Mr Steel said at a press con-
ference in Stuttgart, where the
German Free Democrats are
meeting, that the dispute should
not mislead people since it was
“difficult to get agreement on
dividing 620 constituencies
without haring a few argu-
ments.” He was introduced by
.HerrJjenspher, the Free Demo;
ent leader and German Foreign
Minister, as “the man aiming
to take the Liberals to the top.”
' The dispute between the SDP
and the Liberals has been
eagerly seized on by Conserva-

tive and Labour leaders.

After the speech on Tuesday
by Mr Leon Brittan. Chief
Secretary to the Treasury. Mr
Roy Hartersley of the Labour
Party yesterday attacked the
Social Democrats. He said the
SDP members possessed "no
ideological base at all.”

They had “ no vision of a new
society to guide them ” and they
were "forced to make up
policies as they go along or to
have no policies at all, in the
areas where silence is the
prudent, though cynical, course
for a new party on the make.

" And that description-^the
party that plucks policies out
of the air if they seem attrac-
tive to its almost exclusively
middle-class membership — is
the best that can be said for the
SDP.”

Coal-fired water tube boilers may speed switch from oil

BY MAURICE SAMUELSON

A BREAKTHROUGH in
methods of making large water
tube boilers which run on coal
may help to speed industry's
switch back to coal from dearer
oil and gas.

Recent changes in design and
technology have greatly
reduced the price at which com-
panies can install the larger
water tube boilers, which serve
as the main power units in a
wide range of process indus-
tries.

Coal-fired water tube boilers
are needed by plants which

raise more than 30,000 pounds
of steam an hour. Until now
these boilers have been four or
five times as dear as the more
compact shell boilers which
burn oil or gas to produce
equivalent pressures. says
Malcolm Edwards, the NCB
director general for marketing.

One reason for the Jiigher
cost is th3t water tube boilers
for coal used to be built at the
place where they were used. A
number of manufacturers are
now offering water tube boilers
which are package built.

removing a traditional weak
link in ihe coal industries hid
to increase its industrial
mdrket. The new designs are
said to ■“ solve the price
problem.”

Half the boiler usage in The
UK, Mr Edwards says is pro-
vided by units rated at about
40,000 pounds of steam an hour.

Among the suppliers of these
new water tube boilers are
Gibson, Wells of Leeds, Green
of Wakefield, and Danks of
Netbertun.

According To Mr Edwards

this is the most important
change in the boiler-making
industry for more than 20
years, when cheap oil ushered
in the now , familiar oil-fired
package boiler.

It coincides with new flesible
methods of burning fuel,
notahiy fluidised bed combus-
tion,- m which coal -or other
materials are burned in a
turbulent bed of red-hot sand
or aslu

These technologies, with a
range of new compressed air
systems for handling coal, have

been assisted and promoted by
the Coal Board in its long-range
bid to recover its lost industrial
market.

Mr Edwards says the board
has been pushing for cheaper
water tube boilers for five years
and that new designs have been
developed In the last 18 months:
Coal-burning, water tube boilers
of a similar size to those fired
by oil or gas and producing
similar pressure can now be
installed “at a sensible capital
cost”

Gill payout
brings tax
change call

By John Moore

MR MICHAEL . MEACHER, a
Labour MP, has called on the
Chancellor to impose heavier
tax charges on golden band-
shakes to former executives.

The move came as institu-
tional shareholders of Associ-
ated Communications Corpora-
tion decided to take legal ac-
tion to block the planned
record £360,000 cash payment
to Mr Jack Gill, Associated's
former managing director.

Mr Meacher told Sir Geoffrey
Howe in a letter this week that
executives “like Mr Gill can
end up paying ,an overaM aver-
age rate of tax on their golden
handshakes of .as littde as less
than 20 per cent on sums in
excess . of £500,000.”

He urged a “ genuinely fair
and equitable tax system to
cover golden handshakes.”

He said the Finance Bill
should be 1 changed this year “by
making the whole of the hand-
shake assessable at the marginal
rate applying to the latest
annual salary.

Lloyd’s will meet critics
of legal immunity clause

BY JOHN MOORE

LLOYD’S of London is facing
growing opposition to a con-
troversial “ immunity ” clause
in its legislation to protect a
new ruling council Trom
damage suits. The danse
would prevent all Lloyd's
members seeking recovery
against Lloyd's in such suits.

Lloyd's officials will meet
fonr Conservative MPs who
expressed concern over the
immunity clause during the
earlier passage of the Lloyd's
BUI of Parliament for improv-
ing the market's self regula-
tion.

The MPs are Mr Nicholas
LyeJJ ft. Hemel Hempstead);
Viscount C ran bo rue (C,
Dorset South); Mr Richard
Needham fC. Chippenham)
and the Hon. Archibald
Hamilton <C, Epsom and
EueJJ).

Working members of the
market are also opposed to
the emmnnity. One under-
writing agent has described
the new clause as likely to
encourage “ lesser rather than

greater ** men to serve on a
net* 1 council If they are aware
that they are protected by
legal Immunity.

Many members of Lloyd’s
feel they should be allowed
to take action in the courts
against Lloyd’s if a new ruling
council takes action against
their interests. So far, Lloyd's
has substantially tightened
up the wording of the
controversial clause.

But unless Lloyd's fs a Me to
persuade its critics to accept
the clause, the Bill coaid meet
extensive opposition at the
third reading stage in the
House of Commons, or face
further Parliamentary peti-
tions at later committee
readings which might force
changes.

Truck of Year

A PANEL of truck experts
from 12 European countries
hag named the Ford Cargo as
1982 Truck of the Year.

Second leg
of gas link
complete

By Martin Dickson,

Energy Correspondent

A major onshore pipeline
project, which will bring addi-
tional supplies of North Sea
gas into the UK network, has
passed an important landmark
with the completion of a 90-
mile section in Northumber-
land and Durham.

British Gas said yesterday
that the section between
Wooler, Northumberland, and
Bishop Auckland. Durham, had
been completed on schedule
and was ready for operation.

This is the second of three
stages into which the 283-mile
project has been divided. The
first stage, a 146-mile section
down the east coast of Scotland
from Aberdeen, was completed
in 1980. The third stage, link-
ing Aberdeen to St. Fergus on
the Scottish east coast, will 'be
built this year.

Contracts for the second leg
were split between Norwest
Socea, and McAlpine Services
and Pipelines.

Westland hands over first new generation helicopter

BY MICHAEL DONNE, AEROSPACE CORRESPONDENT

THE FIRST of a new genera- ; -
tion of Ult non-military hell- ...•••••
copters, the tyestiand W-30
(shown here), was handed
over to British Airways Heli-
copters at Gatwtck Airport
yesterday.

Two of these aircraft are to
he used by. BAH on Nortli Sea
oil support operations, based
at BAB’S Becdes (East
Anglia) base, and eventually
it is hoped that this operator
will buy a substantial fleet of
the aircraft

Seating np to 16 passengers,
the W-30 is Westland’s first

r " ' -
.X:

I'M. «

ah ■

.-■-i'*' -

civil helicopter venture for
some time. The company In
recent years has specialised In

military helicopters, such as
the Lynx multi-role aircraft,
and the bigger Sea King anti-

submarine warfare helicopter.

So far, Westland has won
orders for ten W-30s, with
options on a further 18 air-
craft, 'from operators In the
UK and the U.S., and farther
sales negotiations are In- pro-
gress worldwide.

The aircraft developed
from the basic Lynx, is
intended for use on lnfer-cily
passenger operations, as well
as in oil support operations,
air ambulance and public
service (sueh as police,
customs and coastguard)
duties.

British microlight aircraft may be built in Wales

BY ROBIN REEYES, WELSH CORRESPONDENT

PLANS TO manufacture an all-
British “microlight" aircraft at
Rhoose, near Cardiff, are being
discussed by British Air Ferries
(BAF) and the Welsh Office.

BAF, the Southend-based
subsidiary of the Keegan Groua.
has taken over British Airways’
Viscount maintenance base at
Rhoose.

Mr Mike Keegan, RAF chair-
man. said Rhoose would make
an fScellent centre fur the
company’s expansion plans, and
in particular, lor the mass pro-
duction of its recently-
announced single- and ■ two-
seatef microlight aircraft

on the prototype of the
airci'fft. for which the company

sees a worldwide market, has
started at Southend. More
details will be released about
the project when the aircraft
has flown, but it is understood
to be powered by a small motor
cycle type of engine and will
not require a pilot's licence to
fly-

in the meantime, BAF plans

to develop engine and other
major overhaul operations at
Rhoose, as well as continue the
bases general maintenance
work. Mr Keegan said the facili-
ties Were modern and well-
equipped with a skilled labour
force. They only needed “put-
ting together” to make a profit-
able business.

Energy use
falls 1% as
supply rises

By Ray Daftcr, Energy Editor

ENERGY USE in the UK fell
by 1 per cent in the three
months September-November
compared with the same
quarter of 1980, according to
Government statistics pub-
lished yesterday.

The figures indicate that tho
pattern of energy use in
settling after two years of
substantial decline. In the
January-November period last
year the equivalent of 279.9m
tonnes of coal was used — 4.7:
per cent less than in the cor- -
responding period in 1980,-
And in 1980. 7.8 per cent less .
energy was used compared
with 1979.

Provisional energy statistics,
released by the Energy De-
partment, show that in the
September-November quarter
last year the equivalent of.
78.1m tonnes of coal was
used, compared with 78.9m
tonnes of coal equivalent in
the same quarter of 1980.

In contrast, UK production of
energy continued to rise and
outstrip demand. In the same
September-November period
last year domestic production .
of coal, oil. natural gas,
hydro-electricity and nuclear
power reached the equivalent
of 88.6m tonnes of coal — 4.8
per cent more than in the
same quarter of 1980.

Total oil production in the
September-November quarter
was 22.9m tonnes or some
2.9m tonnes .or 14.6 per cent
more than in the correspond-
ing period last year. It took
the cumulative 1981 produc-
tion up to the end of Novem-
ber lo 81,4m tonnes — 11.5 per
cent more than in the first
11 months of 1980.

But the oil products market
continues to be depressed.
The consumption of refined
products like petrol, heating
oil and fuel oil was 3.6 per
cent lower in the September-
November period than in the
* same quarter of 1980,

Victoria coach
link with airport

A NON-STOP luxury coach ser-
vice between Victoria coach
station, London, and Heathrow
airport will start on January 16.
The service will run at half-hour
intervals every day and tBq
single fare will be £1.50.

UK NEWS

■ ' Financial Times Thursdax Januaxy. 7 1982

North America Chancellor reviews the state of the economy and its

BY HAZEL DUFFY, INDUSTRIAL CORRESPONDENT _

•• m 11 M - t . nnmTV »tmvPTins<! we lost five rears aco. and the low Some attention is given to faced in sncam is not

nCI Orkl Ic Sm GEOFFREY HOWE, the average profitability of com- public concern about where Government-generated

{IS |C flllS Chancellor, summarised the eased the toancialprSsure panies. are mentioned.' growth and jobs are to .come sionand stagnaUonlti

UllUtU WO rWlW state of tie economy and its ^hM.iness'' “The general picture is <me from and particularly the. fear a choice between Gove

- ■ ’ prospects in a paper submitted ; aTCr Eoes on to say of the economy adjusting to a that overall productivity growth SenerjrtKl inflation (am

Jl- fofte meeting of the National th« ^mu?r«mafns t 0 be lower rate of inflation, and »il] mean fewer jobs.

cars too market " r sees*.™ *" ™ ss «■

BY KENNETH GOODING, MOTOR INDUSTRY CORRESPONDENT

NORTH AMERICA will prob-
■ ably become the biggest single
market for Rolls-Royce cars
this year, Mr George Fenn,
chief executive of Rolls-Royce
Motors, said yesterday.

“All that stands between tis
and more sales in North
America is more dealers,” he
said.

The company, a Vickers sub-
sidiary, has 70 dealers there,
about the same as in the UK
' It .wants 10 more .in North
America and is recruiting.

Rolls sold and produced 3,175
cars last year and 1.197 went to
the U.S. and Canada.

Mr Fenn forecast that output
this year will rise between 5
and 7 per cent to about 3,400.
Nearly all the extra cars would
be exported, mainly to North
America.

In March last year Mr Fenn
predicted that Rolls would pro-
duce 3,500 cars in 1931 (up
from 3.1 153 in 19SQ1 so thc com-
pany missed its target consider-
ably.

Rolls's turnover moved up
-from-fHOm in 19S0 to £13f)m
last year and profits were
“ reasonably satisfactory."
according to Mr Fenn. Profit
performance details will be
released 'with Vickers’ figures.

Exports of cars, associated

equipment and parts last year
brought exports to a record
£77m against £64m in 1980.
Mr Fenn suggested exports
could rise to £95m this year.

Sales of cars in the UK were
unlikelv this year to rise above
the 1,220 for 1981. Last year
was “very satisfactory in the
face of a decline in the level
of new car sales generally."

It represented a fall of more
than 7 per cent in UK sales
against an overall market
decline of about 2.5 per cent

Production in 1981 was scar-
cely above that'for 1980, a year
in which the company switched
to production of the new Silver
Spirit, Silver Spur and Bentley
Mulsanne models. These models
were not introduced on overseas
markets until well into 1981 and
sales in the U.S. did not begin
until April.

Rolls's capital investment
which reached a total of £45m
over the past five years, will
slow now the new models have
been brought out

The company’s attempt to cut
costs last year included reduc-
ing the workforce by nearly
10 per cent from 6,600 to 6,000,
Most of the jobs were indirect
labour because Rolls needs its
shopfloor employees if output is
to keep rising.

BY HAZEL DUFFY, INDUSTRIAL CORRESPONDENT
SIR GEOFFREY HOWE, the of the competitiveness we lost
Chancellor summarised the
state .of the economy and its oQ buslness -»
prospects in a paper submitted ^ pap(}r goes on to say

to the meeting of the National that “ much remains to be
Economic Development Council done.” The high rate of unem-
vesterday. The main topic dhr payment, competitiveness that
‘cussed at the meeting was the is diU considerably worse ‘than
macro-economy, the first such .

discussion since economic policy Ullll flin<T GAP'
was on the agenda of NEDC's 1111111 1111 ^ uvv

*r-s^ m »— ».•

reviewing the current position, ALTHOUGH THE Govern-
says: “In a number of respects mcn t had made strenuous
there has been progress this efforts to protect the construe-
year towards a more soundly- tion industry from the worst
based economy. The rate of effects of the recession and
inflation and thc growth of the cuts in public expendi-
moncy national income have tare, it accepted that more
both halved in the past IS needed to be done, yesterday’s
months. NEJDC meeting was told in a

“Pay settlements in the pape r trom the Environment
1980-81 pay round averaged MiT , 5rfpr

about 9 per cent— half the level ^ Sta ?J

in the 1979-80 round. There have

also been some impressive ^,g e ofmeaS^s ^the p£t
improvements in productivity, a hjUf J^rs designed

parbcularly in manufacturing, t help overcome the indus-
with- considerable evidence of a .^, s Acuities. But the
change in attitudes to manage- itself had the oppor-

menf and work practices and a n^ty J to a ^ ie more work
new readiness to behave flexibly to i mpr0TC its competitive

■and realistically; position.

“These developments, com- .He referred to the Govern-
bined with the fall in the ment’s eight point plan which
exchange rate in the summer of was pot before (he building
1981, have led to some recovery and civil engineering EDCs

Some attention is given to
public concern 'about where
growth and jobs are to .come
from and particularly the .fear
that overall productivity growth
will mean fewer jobs.

But calls for Government-led
growth in demand are dismissed
by the Chancellor. “The choice

faced in Britain is not between
Government -generated expan-
sion and stagnation. It is rather
a choice between Government-
generated inflation (and rising
import penetration) and indus-
try-generated recovery -in a
climate of Improving price
stability.

Building sector needs more aid, says Government

last year, and which set out
ways In which the construc-
tion sector could improve its
performance.

The proposals centred on
the need to speed up develop-
ment fo ensure adequate land
supplies, to prevent skill
shortages and to improve the
industry’s international com-
petitiveness.

Progress had already been
made on most of these fronts
bnt there was a need to con-
sider farther action on
matters such as planning,
where farther steps might be
necessary to make the plan-
ning system more responsive
to development There was
also continuing concern over
the amount of unused or
underused land available.

Mr. Stanley pointed out
that the commercial property
sector had experienced

dynamic growth. In particular
" the age and condition of many
industrial buildings promised
enormous scope for develop-
ment work once, the recession
ended.

The Chancellor was con-
sidering industry proposals
for amending the tax system
as It affected buildings, for
example the extension of
higher depredation allow-
ances given to industrial pro-
perty to buildings used in the
service sector.

The Government, .was.
encouraging the injection of
private sector capital into
construction and looking at ■
the possibility of attracting
private money to help deve-
lop major Government, build-
ing projects.

Hr Stanley applauded the
efforts of UK construction
industries and professions in

overseas markets. He pointed
out that last year British
contractors earned £2 50m
overseas. Process plant spe-
cialists earned another £300m-

At the same time UK con-
sultants brought in £500m and
exported more than £2bn
worth of UK materials, plant
and machinery. The combined
effort had made a major con-
tribution to the nation’s
balance of payments but It
was dear that an ini raise
effort would be needed - to
maintain, this position, .in
highly competitive export
markets.

But ' the construction

industry stood to benefit more
than any other sector from
the establishment of a
soundly managed' economy
which .controlled Inflation
and laid the foundations for
genuine economic growth.

‘Ulster near | Merseyside launches 6 buy local 9 campaign

Industrial gas prices
‘on par with Continent’

BY MARTIN DICKSON, ENERGY CORRESPONDENT

THE AVERAGE price paid for
gas by British industrial and
commercial users in 1981 com-
pared favourably with France,
Belgium and Italy but was sig-
nificantly higher than the aver-
age in West Germany, according
to a survey by National Utility
Services, an independent energy
consultancy.

The survey estimates that the
average price in the UK was
29.50p a therm, compared to
27.1Gp in West Germany. 34p
In France, 34.20p in Belgium
and 38.80p in Italy.

It points out that UK indus-
trial arid commercial gas prices
rose only 3 per cent in’ the 12
'months to September 1 after an
outcry, over industrial energy
prices which led to a Govern-
ment freeze on industrial gas.
price rises.

Prices rose 89 per cent in
Italy in the same period, 88 per
cent in Belgium, 50 per cent In
France. West German average
prices rose only 1 per cent.

The report says the UK

average price is higher than in
other countries surveyed which
have their own indigenous sup-
plies — the U.S., where the
average is 21.70p a therm,
Canada 15.40p and Australia
I2.75p.

The UK is the only country
surveyed where an extra charge
— nearly 2 per cent — is levied
on large process users. ,

But- British Gas offers higher
discounts than other utilities to
large companies with contracts
for Interruptible supplies — gas
which can be cut off at- short
notice at times of peak national .
demand. The -British Gas dis-
count of 13.5 per cent compares
with a maximum of 6 per cent .
elsewhere.

• Norsk Hydro, the Norwegian
energy company, is still con-
sidering the UK as a possible
site for a 500,000-tonnes-a-year
ammonia plant, according to the
latest issue of the company's
magazine. Other contenders are
Norway and the Netherlands.

Chemical industry output
expected to rise 3.5%

BY MARTIN DICKSON

THE CHEMICAL industry's
output is expected to rise 3.5
per cent in- volume this year
compared with 1981, according
to the Chemical Industries Asso-
ciation.-

The forecast follows signs of
a continued improvement in the
underlying trend of UK chemi-
cals activity in the second half
of last year.

- The association’s latest
economic bulletin says output
between August and October
.was op about 4 per cent on the
■previous three months. Output
for the first ten months was on
a par with the average for 1980.

The recent improvement in
output compares favourably
with that on the Continent, even.

though it has started from a much
lower level, the Bulletin says.

Output is expected to grow
3.5 per cent in volume this
year, although little improve-
ment in production levels is
expected until the second half.

The association says most
companies expert firmer prices
and better margins — as cost-
cutting measures take effect —
to make greater contributions to
this year's financial results than
improved volume.

Exports made an important
contribution to last year's im-
provement. In the home
market, which accounts for
about 60 per cent of the
industry's sales, most of the
gains appeared to have come
from an end. to destocking in
the chemical industry and by its
customers.

precipice
says Powell

ULSTER WAS at the edge of
a precipice — the renunciation or
destruction of the union by its
Protestant majority, Mr noch
Powell. MP for South Down,
told fellow Unionists at Helens
Bay, Co. Down.

He said they were the only
people who could bring about
such a split. “Today those who
long to see that consummation
are waiting with bated breath
and heightened hopes ... for
the Protestant majority of the
people of Northern Ireland to
do their fell work for -them.

“I would be false to you if
I pretended that there is no
foundation for their hopes.”

Mr Powell said it would he
difficult to refute any claim that
there was now a majority in
Ulster against the union — that
the basis of the guarantee that
Northern Ireland would remain
in the UK while the majority
wanted it to do so had already
been removed — and that Ulster
had itself renounced its birth-
right;

M Without quibbling over
decimal percentage points,
about half the electors who
in 1981 voted for nominally
“ unionist " candidates voted
for a party of which every
attitude and action constitutes
a repudiation of the union.

“Through the mouth of. its
leader that party had declared
that no allegiance or obedience
was owed to Parliament, winch
is the bond and essence. of the
union." It had also announced
its intention to make Ulster
“ungovernable" by Government
Ministers.

“The fact now stares us in
the face that the party to which
almost half the Protestant
voters of Ulster have given
their support is against the
union. It might not perhaps
matter all that much if the
voice they chose is the voice
of a noisy showman. It matters
very much if that voice is a
voice which is raised against the
union.”

BY IAN HAMILTON FAZEY

A MAJOR “buy local” initia-
tive to help small companies
break through buying barriers
in larger companies and public
corporations will take place
next month on Merseyside. If
successful, it could point the
way to similar ventures in other
industrial centres.

The project will encourage
large buyers nf components,
goods and services to support
small companies by buying
locally where possible. Investi-
gations by county council staff
and the Merseyside Chamber of
Commerce has suggested con-
siderable scope for more local

buying throughout industry.

Merseyside County is sponsor-
ing a special exhibition from
February 9-11 at which small
companies will be able to put
their products and services on
show to buyers from larger
concerns.

Merseyside Chamber of Com-
merce is surveying big company
buying systems to find out how
best to encourage local buying.

Mr Tom Brooke, the cham-
ber's business advisory officer,
said yesterday he would like to
see chief executives adopting
quotas and other policies of

positive discrimination to
favour local buying provided
local manufacturers were
reasonably competitive on price,
quality and delivery.

Habit and inertia are thought
to be major factors influencing
large companies' to stick to
established suppliers.

Mr Harold Stanton, who buys
£4m worth, of goods and mat-
erials for AP. Hydraulics a
year, said his company's Leam-
ington origins had resulted in
it buying many components for
its Merseyside plant from Mid-
lands suppliers.

'Mr Mike Downes, of the
Merseyside County Economic
Development Office, said: “A
lot of companies. tell us that it
is very difficult to make contact
with big company buyers. Often
tbey can’t get through the front
door, or past the switchboard or
beyond a secretary.”

About 140 companies are
expected to take part in the
exhibition which .will be held at
the disused Harbour Threads
factory at Speke, Liverpool. The
event is being confined initially
to manufacturing and engineer-
ing companies.

Wives of disabled ‘hit’ Warning of teaching cuts

BY LISA WOOD

THE FINANCIAL -plight of dis-
abled married women, and
married women .who give up
jobs to care for disabled rela-
tives. is highlighted in a report
published yesterday by the
Equal Opportunities -Commis-
sion.

Many women in this substan-
tial section of the population
are ineligible for the specific
social security benefits closely
related to the care of the dis-
abled. Baroness Lockwood,
chairman of the EOC, described
the workings of the allowances
as " obvious discrimination . . .

BY PETER RIDDELL, POLITICAL EDITOR

based on the outdated assump-
tion that women will be pro-
vided for by thfeir husbands."

Invalid Care Allowance
(ICA), for example, is paid to
all men and single women who
say at home to look after a dis-.
abled person in receipt of an
attendance allowance. But mar-
ried and co-habitating women
are barred from claiming the
allowance.

Baroness Lockwood said the
Governmen had said the cost of
extending ICA to married
women was too high— an esti-
mated JElOQm gross.

COMPULSORY redundancies
among teachers too young for
early retirement terms will be
necessary , if the school curricu-
lum is to be protected ' and
taught by suitably skilled and
effective teachers. Sir Keith
Joseph, the Education Secre-
tary, warned yesterday.

Sir Keith was speaking to the
North of ■ England education
conference in Leeds, He said
the authorities would be falling
in their duty “to the children
and their parents on the one

hand, and to the tax payers
and ratepayers and all who
work or seek work in the trad*
ing base (the economy) on the
other, if we keep ineffective
teachers in the schools ^ em-
ploy more teachers than we
can' affdrit!! _ _ : . '

Sir Keith’s theme was the:
importance of having good effec-
tive teachers with the. right
mix of qualifications and ex-
perience, and the need to imr
prove the school curriculum so
the talents and potential of less
academic pupils can be de-
veloped.

Grant cut threat to Salford University student intake

BY NICK GARNETT, NORTHERN CORRESPONDENT

SALFORD UNIVERSITY said
yesterday that the cuts imposed
on it by the University Grants
Committee, Including a 40 per
cent drop in its grant up to
1983-84. will mean a drop in
student intake of almost a third
up to 1984-85.

In a letter to the committee
Prof John Ashworth, Salford's
vice-chancellor, warned of a
serious throat to industrial-
based sandwich courses. He
stressed that the speed with

which the university had
devised a plan to cope with the
cuts should not be seen as
acquiesence.

Despite a conscious attempt
to protect sandwich courses, the
University has been forced to
set a limit of 1.200 sandwich
course students on four year
teaching programmes by 1984-
85, a fall, of 20 .per cent

Prof Ashworth warns that
because several departments

could lose up to 4Q per cent of
academic staff by the ntiddle of
next year, some ' sandwich
courses might have to be
abandoned altogether.

Those most at risk are
mechanical engineering, engin-
eering metallurgy and manu-
facturing engineering plus
applied .physics and biological
sciences, chemistry and
business studies. This could
mean a total, fall of. sandwich
course students of 38 per cent

Engineering courses overall
have been given greater pro-
tection than some other sub-
jects, at the expense of social
sciences, arts and pure
science.

The plan envisages a fall in
engineering students from
.2,100 to 1,550 between 1979-80
and 1984-85. The number of
science students should drop
from 1,300 to 900 and social
science and arts students from
1,200 to 830.

“ Greater productivity and
better competitiveness are the
kevs to longer-term growth.”
says, the paper. Although action
bv companies to cut costs may
initially reduce employment and
have damaging effects on a par-
ticular local economy, “often j
fbe choice -is between higher ;
productivity with fewer jobs in .
the short term, and no jobs at 1
all if the higher productivity is
not achieved.”

Pay and productivity are
identified as two of the key :
sectors where progress in under- \
standing and expectation needs !
to be exercised. “ Greater, pro-
ductivity will not lead to :
increased output and employ- <•
ment if the 'sain • is simply j
swallowed by increased earn- ;
ings," the Chancellor warns.

The Chancellor’s paper
invited the council to discuss
ways in which industrial
efficiency and the health of
industry could be improved.' , .
• Possible changes suggested .
include: -‘The need to remove
obstacles .to the mobility of
labour, the need for better
training . and retraining, the i
need foT better shopfloor com- i
munications between manage-
ment amj workforce and greater
flexibility in wage settlements
so that wage levels more .
accurately reflect the demand
and supply for different groups
of workers.”

Consumer
lobby ‘still
has a role’

By David Churchill,

Consumer Affairs Correspondent

■THE CONSUMER movement in
Britain is not a spent force,
according to Mr Gordon Bor-
- rife;- Director-General of Fair
Trading.

Mr Boride said in the Peter Le
Neve Foster memorial lecture
at the Royal Society of Arts
last nlghtr’Tf it seems some-
times that the consumer move-
ment is. a spent force, it may
be because it is no longer a
novelty to advance the con-
sumer cause/’

He pointed out the effectiveness
of consumer pressures in the
UK in achieving significant
advances in .the last; three
decades in legislation to pro-
• teet consumers.

‘T do not think there can be
any doubt . The consumer
-movement is not a, spent
force. It was alive and well.
-More mature .no doubt - and
therefore more conscious of
Its om' weaknesses,” But it

also had greater experience
and knowledge and was realis-
tic about its objectives.

Mr Borne .pointed out that
while much has been
achieved, “rrnjch is left to be
done . and in many ways the
work of the consumer move-
ment, like that of the house-
wife, is never done."

“ Unti2 the halcyon day arrives
when you can rely without
prompting on getting the
treatment, the product and
the service, you are entitled
to •; expect for your money,
the movement will continue ,
to have a ; role and manu-- ,
facturers and suppliers of all
kinds ‘ will disregard its
continuing presence at their
periL" •

• The OFT will nublisb a
discussion document . later
this month on means of

• tightening up on rogue
traders in the home improve-
ments field. A - code. , of-
practice for ■ the double-,
glazing industry was published
last year.- -*

Optimism on Boat Show horizon as exhibitors wait for tide to turn

Howdoyou manage yourown life when you cannot see,
When other handicaps have played havoc with your education
and when you have ho home orhop8 of work?

June is partially agti ted and had poRo and TB as a chad
resulting in additional physical handicap. She is teaming the
daal/bSmJ manual to enable to to help tier Mod and d eat
sister who has recently joined the Royal SctaoL

The RoyalSchoolis about learning to be independent
and to berespbrisible; tfiscovwingwhatls possible
fbreachindividuai. We are looking forward to a future for
. IS) WirKfadults with additional handicaps. They have come to the
Royal School for the Blind because no other place offers such
residential care and training and the men and women
(like Juneinourpholo) are being given the opportunity to make
a tomorrow of their own choice. In gratitude for your sight
this Christmas please send a donation or write
forfurther particulars to: Sir Ronald WatesJP., DL, Chairman,
The Royal School for the Blind, Leatherhead, Surrey KT22 8NR
Telephone: Leatherfiead 75464.

President His Grace the Archbishop of Canterbury
Registered Charity No: 255313

THE THEME Boating is Fun
for the Loudon International
Boat Show which opens today
at Earls Court is strangely at
odds with the view of those
companies In thc boating
industry Which have survived
the recession.

Boating will be hard work for
them in 1982 after a 44 per cent
drop in, business last year.
Exports are down 38 per cent
from the previous year — partly
because of unfavourable cur-
rency relationships — and home
sales, have suffered falls of about
50 per cent

Boat sales have fared worst

Some companies recall
months in 1981 without a single
order.

The component and equip-
ment companies fared better.
Some companies with new and
navel products, particularly

electronics equipment, have
actually Increased business.

A few British companies
■which enjoyed an international
reputation for their boats are
missing from Earls Court,
casualties of the business,
climate. . Westerly Marine Con-
struction is in the h-uds of a
receiver after being the biggest
builder of cruising yachts in
Britain for many years. Sea-
master, a builder of motor
yachts, and Honnor Marine,
builder of the Drascombe
Lugger, have both closed.

The volume of 'business on the
, Earls Court stands in the next
11 days is Ukely to make or
break some among the 464 exhi-
bitors who are relying on the
show to fill up empty order
: books.

But a number of the most-
1 soundly-based boat building and
equipment companies believe
the tide has turned in their

Roy Hodson examines the prospects for Britain’s boat-building industry

Mr cw. *>«« (left, ^ O. Walker SMeUi* Pad k*.ey at 1^'

favour at last. They are twice as
optimistic about the future as
tfiey were a year ago according
to a new survey of trends- in
the industry by the Sfrip and
Boat Builders’ National Federa-
tion. j

. Those boatbuilders j deter-
mined to survive are oinking
more internationally thin ever
before. Exports now w count
for 80 per cent of Britisd boats
and equipment The fig|te Is
expected to rise shamy as

world leisure markets recover.

Foreign producers are also
trying to - open ;ip export busi-
ness. There is still a waiting
list for stand space at the Lon-
don Boat Show. This year the
biggest increase In demand for
space has come from importers
and agents for foreign bncts
engines ; and equipment Boat
Showrooms of London with a
big range of United. States and
European-built yachts is im-
porting a 56-ft luxury motor

cruiser, the Hatteras from the
U.S.. with a price tag of
£375,000 plus VAT. -
United State&built motor
yachts are invading the ‘Euro-
pean markets. They are com-
Jveiy priced because ru.-
rent United Slates energy pric-
ing pitiicies mean oil based resin
used in glass reinforced, plastic
hulls is one-third chearpfer than
In Europe.

European producers are fight-
ing back however, and- will be

' Hager Taytor

strongly represented- at : Earls
Go i |* rt . which is . generally re-
garded by the boating coin-'
as the centre-piece for
the European industry, -
Many European builders have
held their prices now- for more
than a year. The firing costs
of labour and -overheads have-
“““at least partly offset
oy faux of up to. 30 per cent in
the cost of resin as oil. refinery
product prices have eased. ;;
One of .. Britain's, oldest

marine equipment companies,
WalkeT Marine Instruments of
Birmingham, which made patent
. ships’ logs in Nelson’s day, is
this year, showing the world's ■
smallest space satellite naviga- 1
tor. It can be. fitted to family -
yachts fof under £1,000. ‘ Two
years ago Walkers ‘gained a
world lead with their original ■
low-priced satellite navigator.

BL has also thought it worth-
while to become more active in
the_ marine market..

Lcylafifl.. Vehicles Js prodoc- -
mg a new range, of four and six
cylinder marine diesel engines.
There will be six models be-
tween Sa hp and 200 bp. and
they wUf be marketed as com-
plete marine packages.

Motor vehicle' .jnamif acturers
are becoming \ncreasingiy inter- -
ester! iu the boating market as
Sa further outlet:. for .engines.
The Volkswagen . Golf diesel
engjne is being sold in a marine
form,-; BMW-has Its' own marine - '
engine plant, and Renault
engines -are beir^ sold in
JB&r'm&fornt.--

.Lloyd'sRegister.otShipplng
Is unveiling at^the show a- new
computer . service. : which,' it "is
saidi can ~save -yacht designers
and; builders- much work in- the '
calculation, -of- hull' structures.
Btolders | wflL be' supplied ‘ with
information of structural sizes
and strengths needed td comply .
with, Lloyd's, rule," require-
ments for any yacht design. -

The fun side of the sbowjtiris
-year ..will centre., around "the
pooL Wind machines hive been
installed " so * V sailboard
demonstrations' J and, ” dinghy
racing- can-: be staged>’aaidj . the .
froth, tflfown off.the Guinness 1 at
'the^hreweF’sfstind.

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5 a role

Train drivers warned of

crisis’ facing BR

BT PHlUi* BASSm. UVBOUR STAFF

BRITISH RAIL warned its min
drivers yaaenfey- •: that the
industry was facing a “major
crisis’* over" itfatf"- pay ‘.and.
prododdrily.fliiputt! with the
drivers’ union, the “Associated ~
Society of Locomotive Engineers
and Fiiemen.Vi V .,. v .

In a _ sternly-worded ‘letter
sent to aM footplate staff fnd
displayed bn staff notice boards,
Mr Bob Reid.. SB’s chief
executive, said that the ■ present
overtime and .rest-day. working
ban, and the^two-day strike
threatened for Wednesday and
Thursday nest week, were a
“ disastrous confrontation.!*

He said: ‘‘Major disruption to
oar " services will increase
the loss of business, loss
of customer confidence and
Government-" backing, _■ and

inevitably the toss of major
investment our industry so
desperately needs.”

Mr Reid said that some
traffic which would normally
have gone to the raHways was
already being lost by the
threat of industrial action.

The letter outlined the BR
Board’s' case for withholding
payment from the drivers of
the' 3 per cent second stage of
this year’s twtRpait.il e*t cent
pay deal, and made it very
clear that As&f had to stand by
its . agreement reached in
August to vaiy the eight-hpur
working day. ;

Despite this it era warning,
though. BR saM yesterday that
disruption to ’ services by the
two bans: in force was probably
less yesterday than it has been

‘so far this week since the action
began on Monday.

BR officials are trying to
arrange a meeting, possibly
next Monday, with ail its three
unions in the forum of the
Railway Staffs’ National
Council, the industry’s hipest-
level negotiating body.

Unofficial approaches are
understood to have been made
to AsleL. who have replied by
asking whether the 3 per cent
would be paid prior to any
meeting. BR told them it would
not pay it until it had secured
the productivity ' agreement

However, officials are hopeful
that efforts can be made . to coax
all parties round the negotiat-
ing table. Mr Len Murray. XUC
general secretary, is still in
touch, with all parties.

Opencast miners seek new deal

by john 'Lloyd, labour correspondent

LEADERS OF the., country’s
7,000 opencast coal workers
bave caiied for an argent meet-
ing w^ employers to .press for
improved pay and conditions
within the fifetime of the
present ; agreement, which ends
in June. •

A delegate conference of the
industry's .dominant union, the
Transport and Geepral Workers,
yesterday threatened withdrawal
from the Civil Engineering
working rules agreement, under
which the ’industry's negotia-
tions are conducted.

A number of delegates said
they would be prepared to take
industrial action in support of

.their claim. ' They believe that
independent negotiations
between ■- the union and the
Opencast Goal Contractors
would improve their rates.

- Use industry produced 15.3m
toon^s of ooal last year, and a
profit for the National Goal
Board of £2 56m, both a- record.

George Henderson, the TGWU
national officer for the construc-
tion industry, said yesterday: “ I
have every sympathy and sup-
port for our members who work
under hazardous conditions and
are' entitled to an improvement
in their wages' and conditions,
based- on Uwtr productivity and
the profits are are making for

the NOB."

Skilled workers in the indus-
try receive £86.19p, including a
guaranteed bonus, for a 39 hour
week. The labourers’ rate, in-
ducting bonus, is £73.514. Aver-
age earnings are considerably
higher, because of the large
amounts of overtime worked.

The problem facing the
workers is that the Federation
of Cm] Engineering Employers,
on which the Opencast Coal
employers are represented, does
not want opencast rates to move
too far ahead of the general in-
dustry rate because of the
knock-on effect this would exert
in other sectors. i

Row over honours for ‘strike-breakers’

BY pUR LABOUR STAFF

PROTESTS ARE growing in the
Civil Service unions over
honours . awarded^ in the New
Year List' to senior civil servants
who were particularly active in
: trying tofimit-the effects, of the
-unions’ strikes daring the 21-
week pay dispute last year. *
The anger over the awards,
given to. what the unions see
as strike-breakers has tear out-
weighed any protests that civil
servants -who took part in -the
strike— most of whom would be.

unlikely candidates for honours
/r-have been excluded.

-The main instances of awards
apparently being given for this
purpose is' in the Inland
ReVepue, although other de-
partments are also involved.

Most of the anger has been
directed at the OBE awarded to
atr James Rose, principal taxes
collector at Cumbernauld, -and.
At the Imperial Service Ordei
awarded to Mr Geoffrey Morley,
principal taxes collector at

PUBLIC NOTICES

Competition Act 1980

Anti-competitive
Practice investigation
Sheffield Newspapers Limited

Competition reference under section 4

The Director-General of Fair Trading has published a report
under section 3 of the Competition Act-, 1980 (the “Ac*") stating
that certain courses of conduct pursued: by Sheffield Newspapers
Limited cnhsutuce.ahti-conipedtive practices and chat it is .-
appropriate for him to make a reference under section 5 of
Acc. The Director-General has not accepted from Sheffield
Newspapers AJui hed undertakings which, ini* opinion, cover
every course of conduct, which is described in the report as
constituting an anti-competitive practice.. Therefore, in exercise .
of his powers. under section 5 of the Act the Director-Genera]
hereby makes a reference to the Monopolies and. Mergers .Com-,
mission ( the ^Commission”) as fellows: -

(a) the person whose sccfviries are to be investigated by rhe
Commission is Sheffield Newspapers Limited;

( b) the goods and services to which the Investigation » to extend
are newspapers, the service of distributing newspapers and
simitar publications which consist VrhpHy or nwiniy of
advertisements, and advertising -senAces in reHacioh to the
advertising of rea/ property;. '

(c) the courses of conduct to be investigated are:

(t) the supply of newspapers to newsagents on the terms of
dause 5(d) of Sheffield Newspapers Limited’s “conditions
of supply — September 1980," iridutfing; any amendment to
.that dause effected by its letter of 24 October 1980 or

• its "notice of i0 February 1981; and
OH) the granting, of an annual discount to estate agents of
5 per cent on condition that an estate agent should
advertise. in die Property Telegraph" for ^ at kbit 46 weeks

but of 52; 1- : • ... •.

A report of this reference is to be made witinii pmfed of
six months begwmtflg 21 December 198). " _ ■ .

The Commission wHI Investigate and report on wn«9i«r -Sheffield
Newspapers Limited have been pursuing the courses of con do at
specified at (c) above at »ny rime during -the 12 months ending
on 21 December. 1981 and if jo, whether they amount *b «nti- ■
competitive practices. If so, the Conwmsaon w®a» report on
whether die practices operate, or might be expected ro oporpfCe,
against the public interest and, if so, what are the meets adverse
Co the puMic interest.

If you have any in formation which would help the Conuawvn «v
■Cheir inquiries please write as soon as possible no: ;/ ...

The Secretory. 1

Monopolies and Mergers Commission,

New Court. • ■

48 Carey Street. ' ' . •

LONDON WC2A 2JT.

us

angary.

ttatkins

Shipley.

The Shipley branch com-
mittee of the Inland Revenue
Staff Federation decided yester-
day to write ta the Board of
Inland , Revenue, rejecting the
Shipley management’s sug-
gestion that the award to Mr
Morley -was in recognition of
hjs 40 years’ service.

Instead, the committee’s reso-
lution said it wag for “ actions
flgasnl his colleagues during the
IBS! dispute.** ' .

COMPANY NOTICES

BRASIl-VEST S^.
SOC1EOADE HE INVESTIMENTO
D.L. 1401

INTERNATIONAL DEPOSITARY
RECEIPTS
_ _ lUUCtf W

MORGAN guaranty trust cy.

OF NEW YORK

NOTICE 15 HEREBY GIVEN that
th* r opart and accounts of Mo
captioned company, for the period
ending September 30, 1981 are avail-
able to the stockholders at the offices
of Morgan Guaranty Trust Cy. of
Ncm York In:

Br Kuril: 55 avwmc del Arts
New York; 30 west Broadway.

New York. N.Y. 1IXJ15

. . Load oral Ansel Court. London ECS
Zurich: 58 StOCkarstnuse CH 8022

EUROPEAN PROPERTY
INVESTMENT COMPANY N.V.

Established hi A m st e rdam

_ At the Annual General Meeting of
Shareholder* held on SOth December
1981. a dividend" of Dfl* 5.80 Mf
share wrtft « nominal valve of DM* lOO
Ha* been declared lor the year
1980181. -

As from 12tti January 1982. a
dividend of Dfl* 6.80 per share with
a nominal value of Dfls -100 la pay-
able. - after deduction of withholding
ta*. against delivery of coupon No. 8
at

Banfc-Mees A Hone NV. Amsterdam
Banaue Internationale h Luxembourg.

Luxombooro THE BOARD OF

MANAGING DIRECTORS
Ams te rdam. 5 1st December 1981

LCL INTERNATIONAL
FINANCE LIMITED
7f "Per Gant Guaranteed
U54- Bonds 1978/1992

5. G. WARBURG A GO. LTD. announce
that the annual instalment of Bond*

G a .nominal value of u.5.S4.50Q,OOQ
*e bean burehased fop the redemption
due OB the 1 st February. 1982.

U.S. $.32-500.000 nominal amount of
Bonds will remain oatstaadhig after
1st February. 1982.

mSSm

GASLIGHT o t St. James's, London's
more Interesting businessman c- nltfi t do b.
2 btfSi resturat t^ncliiQ- cabaret smo*

SSSBBjBB mm

Tth January. 1982.

GUTEHOFFNUNGSHUTTE

OVERSEAS N.Y.

7|% Guaranteed Bondi
‘ 1981/1988

S. G. WARBURG A CO. LTD. an no note
that the annual redemption instalment
of Bonds due lit February. 1.9*2 far
• nominal value of US.S2.S0a.D00
, has been met by purchases In the
mar ML

U. 5. SI £.250,000 nominal amount oi
Bendy win remain outstanding after
- l*t February. 1982.

30. Gresham Street.

London, EC2P 2EG. - -

7tt Jannarr, 1 962

REPUBLIC OF SOUTH AFRICA

LOAN OF USMS.OOOiflOO.-
8 % 1972JT9 B7

Tlie BSS2.000 ,000.- redemotfan
MtSMW Smv 1. 19S2 Iws
bann mot by earebajee R» the Stoefc

!/$Hhs,s asadP'

BANQUE DE e PA^l5*ET^S
. PAYS- BAS P-— -

. r^AYS-BAS POUR LE
CRANO-DUCHE OE LUXEMBOURG.

ART GALLERIES

Electricity
supply shop
stewards
seek ballot

By Philip Bassett^ Labour Staff *

POWER WORKERS* shop
stewards are pressing that any
pay offer to the 90,000 elec-
tricity supply manual
workers, whose annual pay
negotiations opep today,
should he put out to ballot.
Previous ballots have rejected
various offers, which have
then been increased.

Union leaders are expected
to claim for substantial
Increases, improvements in

boors and additional pay-
ments. The Electricity
Council, representing the 1 2
area boards and other
employers, are likely to post-
pone their reply until
February 4

The unofficial power
workers’ shop stewards com-
mittee, drawing up its annual
claim, has stressed to negotia-
tors that any offer shonid be
put to ballot. They believe
the mere warning of a ballot
would suffice to win an
increase on any offer, follow-
ing the precedent of the 1979
talks, when offers were
rejected in two successive
ballots and increased each
time before a settlement near
23 per cent was reached.

Ballot procedures in the
industry are unusual. Local
managers check off the
employees concerned against
a wage list, ensuring high
participation. Workers are
provided with ballot papers,
drawn up by employer? and
unions, which are then filled
in secretly, and counted by
the Electoral Reform Society.

Parity rise
call in Civil
Service pay

By Our Labour Staff

COMPARABILITY WITH out-
side pay increases since the
1980 Civil Service pay settle-
ment would mean rises for
Civil Servants this year of 20-
30 per cent, according to
evidence presented to the
Treasury by the Council of
Civfl Service Unions.

The CCSU says this backs
Its elaim for an increase of 13
per cent this year for the
630,000 white-collar Civil Ser-
vants. The full quarterly
meeting of the unions' today
will consider this year’s pay.

The Civil Servants’ evi-
dence loks at rises based, first,
on such sources as the Govern-
ment's average earnings index,
and secondly, on pay move-
ments reenred in the Govern-
ment's New Earnings Snrvev.

Takine the first auruoach.
unions sav that “fahen to-
gether. the calendar year
increases for 1980 end 19*1
provide a - cumulative in-
crease for outside rates of
apnnmmafely 30 per cent.

Even taking Into account
the 7i per cent won List year
after a 21-week strike, the
unions estimate their pay
shortfall at between 16 and 21
per cent. This “serves to
demonstrate that, even If onr
I9*q claim were m°f in full.
Civil Servants would stHl be
dented full lustier on pay.**

«T7n. v |r_; n »

fight closure
of smelter

By Brian Groom, Labour Staff

A MASS MEETING of work-
ers at British Aluminium’s
smeller at Invergordon in the
Scottish Highlands voted yes-
terday to begin a ** work-in ”
at the plant, which is being
closed with the loss of 890
jobs.

Mr Archie McCreevy, chair-
man of an action committee
formed to fight the closure,
conceded that aluminium
could -not be produced with-
out electricity being supplied.
But work could be done to
prepare the plant for a re-
start.

The workers want to press
the company and the Govern-
ment to reach a deal on power
costs, which is given as the
cause for the closure-

Philip Bassett looks at how workers select their leaders

Spotlight on union poll systems

IN’ THE HEAT surrounding
Mr Arthur ScargJH’.s elevation
to the presidency of the
National Union of Mme-
workeis, one of the election’s
most important points has
gone virtually unnoticed.

The size of the poll was SO
per cent— high for any election,
but beyond all expectation for
most trade unions.

The miners’ ballot is only
one of a number of union eleo
toral contests which highlight
the issue of how full-time offi-
cials are selected:

• Engineering workers: cam-
paigning is under way again
for the second round of ballot-
ing to decide who will succeed
the moderate Sir John Boyd
as general secretary’ of. the
Amalgamated Union of Engin-
eering Workers. Communist Mr
Ken Brett topped the first poll,
but the moderate Mr Gavin
Laird is favourite to win over-
all.

• Civil servants: renewed in-
fighting is expected between
ieft and right-wingers in the
largest union, the Civil and
Public Services Association, in
further elections following the
recent declaration that moder-
ate-supported candidates won
the general secretaryship and
another senior posL

• Boilermakers: the court case
— so far spread over four
months — over the general
secretaryship of the Boiler-
makers’ Society will resume
soon with a Communist chal-
lenging the election, of a right-
winger amid allegations from,
both sides of ballot-rigging.

Participation in union elec-
tions is low even in the AUEW,
which uses postal balloting,
turnouts average less than 30
per cent. At a time of rising
unemployment and falling union
membership, the question of
how representative full-time
officials are has never been more
crucial.

Two examples of union lead-
ership being more militant than
their members are the recent
call for an official BL pay strike,
which collapsed after two days
following company threats of
closure, and of pay strikes by
oil tanker drivers, which dis-
integrated in an embarrassing
manner for their union, the
Transport and General Work-
ers.

In part, it is inevitable. Union
participation is low, with the
most active members tending to
be the most committed and
often the most left-wing. The
effect of this as it moves up
the union hierarchy is to in-
crease the likelihood of senior
officials being distant from
their members.

Some unions — most notably
perhaps the AUEW — try to
counter this by electing all their
full-time officials. Mr Terry
Duffy, the moderate president,
prides himself on being in
sreaier touch with shopflnor
opinion than most union leaders.

Yet when he was elected to
replace the left-wing Mr Hugh
(now Lord) Scanlon, Mr Duffy
polled just under 19 per cent
of the votes available. When
his success was reaffirmed in a
second vote two years later, de-
manded under AUEW rules,
his percentage dropped to just
over 13. His supporters de-
scribed this as a “ landslide”
victory.

Periodic re-elections cause
problems too. Both managers
and union ojfficials eomplkin of
the absence of AUEW officials
from meetings as their t&rm of
office draws on and they have
io devote themselves to cam-
paigning.

Elections may shift the union
to the left or the right, but
removal of sitting officials who
might be judged out of touch

size. Some evidence has
suggested attendance flnay be
less than 10 per cent

The moderate. Mr David
Basnert won almost 30 percent
of a claimed 85 per cent poll
when he secured the general
secretaryship in 1972. - This was
about 25 per cent of the
electorate,, based on branch
nominal sizes. On the basis of
members voting, .it is thought
he was elected by less than 15
per cent.

The Government and many
others, including Independent
Electoral Reform Society, which
carries out many union ballots,
see postal voting as the answer
to low and therefore often
unrepresentative election turn-
outs.

Opponents of the postal vote

OFFICIALS’ SELECTION IN THE TUCS LARGEST UNIONS

Union and
members

TGWU

(1.783.000)

AUEW

(1.100.000)
■GMWU
(915,654)
Nalgo
(782,343)
Nope
(699,156)
ASTMS

(491.000)
Usdaw
(450,287)
EPTU

(405. 000)
Ucatt

(312.000)

NUM

(256, 962)

Membership

Broad .
political
position
"Left

Centre-

right

Centre-

right

Left

Other

General senior

Secretary offi cials Points

Elected Appointed General secretary — individual ballot,

distributed through branches

^Elected Elected Postal ballot

Elected Appointed General secretary— block branch vote

Appointed Appointed By executive "

"Appointed Appointed By executive

Appointed Appointed By executive ~~

Trad, right but Appointed Appointed By executive
left recently

Elected

Elected

Bight Elected

majority

figures: latest supplied by TUC.

Appointed Postal ballot

Elected

with members is rare. Estab-
lished officials are often better
known than their opponents,
and can make use of the union’s
machinery of communication.

In the TGWU, for example,
only the general secretary is
elected. Every other official ta
appouited by a sub-committee
of the national executive.

Probably because of this
single election, polling is often
high. Mr Moss Evans was
elected on a claimed 39 per
cent poll. Even so, he secured
only just over 20 peT cent of
the votes available, although in
a union the size and variety of
the TGWU. that is no mean
achievement' •

The position of the General
nd Mniripa! Workers’ Union is
perhaps the most notoriously
deceptive. The union operates a
system nf block branch voting.
A decision is taken for a candi-
date. at a branch meeting hy
whoever attends, but the vote
ror r rarididaie is given on the
basis . of the branch's nominal

say it undermines union
solidarity, and leaves members
open to Press and other
influences.

Postal ballots help' turnouts.
When the AUEW operated
branch balloting, the then Mr
Hugh Scanlon was elected presi-
dent on just over 6 per cent of
.the electorate. In the first main
election by postal ballots, . Sir
John Boyd was elected general
secretary on about 19 per cent.

The Government has been
singularly unsuccessful in
spreading the use of postal bal-
lots by making money available
under last year’s Employment
Act.

A recent study showed that in
.the first year of operation, the
provision attracted only 14 appli-
cations. Four were successful
and on# received all the money
claimed.

Postal balloting would have
helped to prevent the vote-
rigging scandal in the electri-
cians' union which led to. the
1961 trial.

f>. a , , 5 4H? ' • .7:'

I * i.>.

In fact, therefc an army of them, just like Alyson Hodgson- 1 1
Though Alysons name is unlikely to come up at a CBl meeting,
she is as concerned as the Jadv on the right in keeping British industry

■ running effioenth’ and cost-effectiveh:

Gardner Merchant serve Because 24-year old Alyson, of Esher, isone of
Gardner Merchants 2000 Catering Managers.

■ Thecanteen that she manages is

Rods Ro^ Motors, supported by a small regional team.

And across the whole country there are many

Barclays Bank,

Comnercial Union,

American Express,

HsfflaxBuBtflneSodetr.

BUPAltoversfoCoflega,

Oxford and Eton School
Whatever your catering

similar teams, 1 each providing the same
service that has made Gardner Mcichai

Meals enjoyed in staff restaurants that run smoothh; professionally
and within the catering budgets oF the managements that appointed
Gardner Merchant.

• Managements that are Jeft free to concentrate on their main
business activities knowing that their catering is in safe hands.

Gardner Merchant, as a highly successful international division of
*Irusthoiise Forte, can use some pretty effective muscle when it comes to
buying food and equipment

And even more important, trams and! motivates people to

I II lllliwlr IviTl m — * - j

service that has made GardnerMeidbaintl^

Haflfau ftMKSodefr, biggest and most successful catering
management organisation in Europe.

nS . Gankfcr Merchant has built an

provide. unrivalled reputation for good rood at work.

- — “ This has been achieved largely by encouraging

people like Alyson to develop fully their catering skills and by making
company^ resources readily available at local level.

As Ahsoii knows, there is enormous satisfaction in providing
the appetising and nourishing meals that 'are appreciated by the many
thousands Gardner Merchant serve every working day.

As AJyson v^uld point out, beingthe biggest means that
Gardner Merchant has the strength and resources to provide the finest
local service, and the management and drive to make it all work.

The lady on the left may nmm: make the headlines, but with every
meal site provides, she contributes towards Britain's prosperity
And the lady on the right would certainly approve of that.

For further details, please write to:- •

Michael Oliver, Marketing Director, \J Bw l TvN.

Gardner Merchant Limited,

. FREEPOST 100, LONDON Ei SAY, | |VMJ Wu ■
of dial the operator and ask for
.FREEFONE 5515.

AtumondThatlxioic forte

It would have done little,
however, to the result of the
1974 ballot for the National
Union of Seamen leadership.
In spite of six months' organisa-
tion. NITS members on ships all •
over the world produce an
extremely low poH.

Pressure for reforming the
selection of full-time union
officers in the UK is not just
coming from the right Increas-
ingly, as in the Labour Party,
union left-wingers are seeking I
greater accountability of their
representatives.

A Militant Tendency pro-
gramme for the railwaymen’s
union, which already elects its
officials, says: “All officials, in-
cluding the most important of
all. the general secretary, are
elected for life. AH full-time
positions should he subject to j

Branch vote; re-election after Eve years ■

Appointed President and General Secretary — ** pit- I
head " individual ballot >

election at least every three
years, with the provision that
the members may recall and
replace where necessary those
officials who may become out of
touch with the shop floor.”

The revised Militant aim of
five-yearly elections is prac-
tised in the left-led building
workers (Ucatt) and firemen’s
(FBU) unions, and its adoption
this year by the CPSA led to
the present round of fiercely-
contested elections.

Opponents of union elections
say the appointment of officers
has helped the emergence of
often extremely able profes-
sional officials.

The Government is wedded
to its idea of improving unions’
internal democracy.

The advantages to l%e
Government are clear, burthen
are pitfalls. To en to Shaw for
a jaded view : “ Democracy sub-
stitutes eloriinn hy the incom-
petent many for appointment by
i he corrupt few."

ssivL'eaflFKESfwnQwraEftMWMOumftBaFASTftE^wfflW^rowrei^

• PiyMOUTKR RQGME* SHOT EtPftSmiHXWftTHDHMtDM NEMH-SUBSUXSWESIN THE IRISH REPUBLIC. BELGIUM, GERMANY, HOLLAND ANp THE N1D0l£ EAST.

Financial

Controller

. N. Surrey
to {14,500+ car

Our clients are an expanding company in a
growth service industry and operate
throughout the UK. Annual turnover is
approximately £55m.

The Financial Controller will supervise over
30 staff and the broad range ofresponsiialities
'will include cash management as Well as
substantial liaison with operating
management.

Aged 30-35, candidates should be qualified
accountants, ideafly with experience in a-
high-volume service industry. Personal
qualities should include the potential to take
advantage of excellent medium-term
prospects. Generous assistance with
relocation will be given where appropriate.

Please reply in confidence toN. P. Sals OJ
165 Quern Victoria Street, London
EC4V 3PD , quoting reference 2119 IL

P

IteLft

Peat,Marwick,Mitchell&Gx.

Executive Selection Division

EXETER TRUST I1MITED

Director

This notaHy* successful private financial institution located m
the West Cormtry intends tn appoint a further senior Director as
part of the plan for future succession.

• RESPONSTBumr to the Managing Director covers all aspects of
t he business ‘with, emphasis initially on marketing loan facili t i e s
for small anA mcylnim size businesses throughout the United
Kingdom. There is also scope for developing a ■wider range of
fmatioa] services;

• experience in financial marketing and a successful record in
risk appraisal associated, with, secu re d lending is the most appro-
priate background.

• salary- is for discussion -with j£l8,000 £.a. as an indicator:
Age bracket / 40/50.

"Write in complete confidence
to G.'VKElms as adviser to the institution.

TYZACK& PARTNERS LTD

MANAGEMENT CONEHETANTS

XO HAIiAM STREET LONDON WEN €DJ

Accountant

(to £15,000)

Our clients are a major Group of Commodity Brokers and Bankers. They seek an
Accountant for one of their operating subsidiaries in the City of London.

Reporting to the Chairman, the Accountant will be responsible forcoHecting, collating
and consolidating information on the trading activities of the Company and preparing
reports based on such data.

The successful applicant will have had a previous appointment at senior level within a
commodity tradrig environment in the United Kingdom. A practical knowledge of
trading in both futures and physicals is essentiaL

An accountancy qualification would bean advantage but common sense, commitment
and a practical approach are key requirements.

All enquiries will be accorded strictest confidence- Please write with full details
quoting reference 1749 and fisting separately those companies to whom you da not
wish your details to be sent Applications wifi be forwarded directly to our client

Charles Barker

RECRUT17V1ENT ADVBU1S1NC SERVICES
30 fauingdon Street, London EC4A4EA0T-236 30TI

MOVE AHEA D IN

INTERNAL AUDITING

wrra

FORWARD TRUST

Forward Trust Group , by bringing together the financial skiffs and strengths of Forward
Trust Limited, Midland Montagu Leasing Limited and Griffin Factors Limited, offers a
truly integrated range of fixed and current asset financial facilities in addition to
personal financial senricBSthroughoutthe U.K.

As part of our development programme we have restructured our auditing function and
now require experienced professionals to join our team based in Edgbaston,
Birmingham.

Audit Manager

up Id £15000 & car

This is a senior post reporting directly to the Chief internal Auditor for the control, '
execution and reporting of audit projects undertaken. The Audit Managerwill assess the
economy and efficiency with which the Group's resources are employed, and wiii
determine whetherope rating objectives, goals' and associated controls are properly '
established, and the degree to which the desired results are achieved.

Applicants must -possess a professional qualification, preferably ACA, ACMAor A CCA
and have considerable experience of internal auditing gained ideally in a service industry
covering management, operational, systems and computer auditing. The ability to
interface effectively with senior levels of management is essential as are written and oral
communication skills. Good staff management and leadership qualities are essential.

Senior Auditor

up to £11,800 pa.

Auditor

up to £10,300 p.&

Reporting to the Audit Manager these posts provide experienced professionals with the
opportunity to consolidate and develop their careers in internal auditing as well as to
gain further valuable experience of modern auditing techniques.

Applicants must have experience of internal auditing and possess a recognised
accountancy qualification or a relevant formal qualification.

Commencing salary will be dependent on qualifications and experience. Benefits include
non-contributory pension scheme, BUPA and preferential loan facilities — after a
qualifying period.

Assistance with relocation expenses will be considered in appropriate circumstances.

For further specific job information please telephone Ramesh Sethi, Chief Internal
Auditor, 021-454 6141 Ext. 300, or write for application form to

R.G. Hurdman, Personnel Manager,

Forward Trust Slrosip Liusitod

12 Calthorpe Road, Edgbaston, Birmingham, B15 1 QZ.

A subsidiary of Midland Bank Limited.

Wb «ra on equal opportunity employer.

••••••

International

Audit Appointments

CONSTRUCTION Around £15,000

UK based senior internal auditor required for overseas construction company to
establish a new internal audit function covering operations mainly in the Middle East
and Africa. The function will also encompass a trouble-shooting activity thus providing
the opportunity for the exercise of considerable initiative and responsibility. Extensive
travel will be involved from a UK base giving a high savings margin from basic earnings.
UK professional audit background essentiaL Experience of international business and
construction environments advantageous.

PROFESSION Up to £20,000

Manager and senior level positions now available in major firm in the Middle East,
some involving extensive travel throughout area, Europe and Africa. Basic salaries
range from £12,000 to £20,000, tax free with high savings content particularly for
travelling roles. Comprehensive expatriate benefits package includes accommodation,
travel, training and open-ended contract Recent expansion provides exceptional
advancement opportunities for current entrants. Languages ability and major firm
experience advantageous.

Candidates should apply in writing giving their telephone number to

Michael Nagle F.C.A, Barnett Keel Intemauonal Ltd., Providence House, River Street,

Windsor; Berks. SL4 1QT. Tel: Windsor 56723. Telex: 843323.

Barnett Keel

INTERNATIONAL

/

CHIEF
ACCOUNTANT

West End from £11,500+ car

Our dient. Video Arts Television LtcL, is a recently

spedat-

estabtished but rapidly grow in g company s_

' ‘ in the production of major high quality film

.They]

l video series for world markets. They now seek

^Accountant.

The successful candidate wEl be']
Manag ing D ir ector and i

able to the
i efficient

Accountaotwill superviseand develop thecompany’s
production budgeting; and cost reporting systems
(which will shortly he computer based); will be
actively involved in the collecting and reporting
of world-wide distribution income; and will be
expected to give support in contract negotiations.

The right person will be qualified, aged 28 to 35. a
self starter preferably with some knowledge of the
industry and essentially with a positive attitude to
die finance function. The salary is negotiable from.
£11,500 p.a. plus cat, BUPA and good p en si on
scheme, with good prospects.

Applicants, male or female, should write in confidence

tjuU details of previous experience and current salary,
ins refererueL.1781 toJ.lV.H2ls at:

quoting reference

Annan Impey Monish,

- Managemenf

40/43 Chancery Lane;
London' WC2A IJJ.

;a.:

DEALERS

Execfitm? 1

Cambridge Aspolntmenta ha* been retained by several major Institutions M
reeniit DM>ere of varying discinlinas. Below la a small Mleetion of oar dualins
vacancies and shouKf voo have a roaulrement not shown please call us on the
number bOtow*

• SENIOR FX DEALER EUROBOND DEALERS

Salary negotiable Salary £15.000 (minimum)

EUROBOND SALESPERSON FX DEALERS

. . . Salary open Salary £18.000

DEPOSIT DEALERS TRAINEE FX DEALER ,

Salary £15,000 Salary ncgoUabla

CAMBRIDGE APPOINTMENTS — 01-623 0101

The specialist stmicc for senior executives seekinc new
appomunenis. Our soccess-rdaied fee siruaure is unique.
Contact os for a omfidehu'al meeting.

CommugJit

73GR»ww5in5«l. \SMOOH W1-OMX38SQ4

FINANCIAL CONTROLLER

WEST MIDLANDS

As a maj'or supplier of industrial rubber produets, protective
clothing and building materials to industry, CMT Industrial
Supplies (UK) Led. wishes to appoint a Financial Controller
to take responsibility for Its accounting and finance
function.

■ Reporting to the FinandalDirector, the Hrfandai Controller
wfll be responsible For the prevision of accurate management
information in accordance with a strict timetable and further
development oF the service provided to the' company by the
Financial Services Division. The position rs based near
Dudley and the person appointed will- be expected to travel
to die company's depots throughout the UK.

Aged 30-45, the ideal candidate will be an experienced
chartered -accountant and a thoroughly professional manager
with a background in industry— preferably industrial sales
and distribution. A five-figure basic salary is negotiable and '
a quality car provided along with other benefits including
relocation expenses. Proven ability would result in early
promotion to Financial Director,

This is an exciting opportunity to join a fast-expanding and
progressive company where future prospects are exceptional.
If you are a positive and enthusiastic leader, apabla of real
achievement, write now with full details of your career to
date to:

THE FINANCIAL DIRECTOR

CMT INDUSTRIAL SUPPLIES (UK) LTD.

Halesowen Read

Dudley

West Midlands
DY2 9NR

Young Qualified Accountant

City- c. £10,500

We are looking for a Financial Analysis
Manager who will be responsible to the
Group Finance Manager forthe continuing
review and monitoring of the profitability of
the Group and for preparing financial
reports on specific areas.

The successful applicant is likely to be a
young graduate, qualified accountant with
the ability to communicate at all levels, and
with the energy and enthusiasm to
contribute to the Company's profitability.

Please write to : Gwyn Davies,

Group PBraonnel Manager, Save & Prosper
Group LtdL, 4-Great St Helens, London EC3.

SAVE & PROSPER GROUP

MERRILL LYNCH

is recruiting experienced

EUROBOND SETTLEMENTS CLERKS

—Minimum one year’s experience. Salary negotiable phis
pleas ® wr, * e with brief career details (and contact
telephone number if passible) to: Merrill Lynch Holdings
Limited Personnel Department, 3 Newgate Street, London,
ECi. (No agencies.)

Merrill Lynch

FINANCE DIRECTOR CONTROLLER

kn#C few " f4 ' 5 toy executive!) of international
?’ mpany ■ 5 " ks hartWi eaded entrepreneurial and
Penen hcad 3,1 contro,s anrf su P erv ' 3e

wltt Fn??in?M F u n r l -cnc /c n ? future pr °i eces in UK and overseas.
West End offices. January /February start. Terms by arrangement.

Write fully with CV and relevant aspects staling current and

• " anticipated jo/ory to Box A7704

Financial Times, 10 Cannon Street, EC4P 4& Y

Financial Times Thursday January 7 1982 s;

&

assistant TO
finance director*
merchant BANKf

c. £12,000 + Benefits

This is a newly-created position wiliin a Wi
respected and forward-looking city-based
. merchant bank. The Finance Dir^orseeks ^
a Young Qualified Accountant, preferably
though not essentially a graduate, to take
responsibility for a wicle range of corporate

accounting duties whilst making a positive

contribution to the ongoing expansion and v
development of the group’s activities.
Particular skills and personal qualities
include:- • . &

• Staff Supervision Ability 'i*

• E.D.P. Exposure b

• Corporate Accounting Experience ■

• Commercial Awareness

• Excellent Communicator

This group offer a competitive salary and
benefits package. They envisage progression
not only within finance and accounting but
encompassing their wider activities.

Interested applicants should contact Roger
Tipple on 01-242 0965 or write to him at
18/19 Sandland Street, London WC1R4PZ.

Michael E^ePartnership

Recruitment Consultants .

London Birmingham Manchester

Corporate Finance
Executive ; £ 15 / 20 , 000 +Bonus

One oT the most prestigious major stockbrokers seeks a
Corporate' Finance Executive, experienced to merchant
banking and preferably stoddsoking. aged 30-40. toloin the
present team of five^Early partnership envisaged. This is a
rare and major opportunity.

Outstanding Analyst

(Electrical/Phairnaceutical/Chexiifoals)

Leading internationally orientated stockbrokers seeks an.
Analyst oT proven, ability to specialise in-Japanese Equities.
This is an unosuaT opening for a successful Analystto expand
his/her. interests in one of the mast fashionable and fastest
growing overseas areas, c. LIS.OOO+Ronus.

Japanese Sector

Experienced Analyst to work in private client 'area of
major broker. Unusual- opportunity with rxmsidfirahte
potential. ''

Salesmen

. Equities ; > ± 32 / 26 , 000 +Borafe

We seek three Equity* Salespeople for one of the fastest
growing and largest stockbrokers to Join their widely
acknowledged, research backed rales teams ki the Insurance,
Tobacco ahdfirewecies sectors.. '.V ~ "

. Gills' ' . £Neg.

A partner or very senior.Gift Salesperson. short or long
dated, to join a substantial research based stockbroker,

Investment Trust Leader

Experienced Saiespcrson/Analyst to lead team of three
specialising in Investment Ttusts. This isa key appointment
with appropriate financial remuneration, including bonus.

Please write or telephone, in confidence, to DigbyDodd at
Overton Shirley and Barry, (Management Consultants), 2nd
Floor. Morley House. 26HdbomViadud;London£ClA2BP.
Telephone: 01-353 1SS4/11 69.

Thr»ani;f^f<ypw tiwt fM »vui<iiJLi.

Overton Shirley
and Barry

Sales Consultant

FINANCIAL SERVICES

c£I 0,000 + Car, City based

Moody's Investors Service, the leiding U.5. Rond Rating and
International Financial Information provider, is expanding its
London-based sales team.

The Moody's Sales Consultant will liaise at Senior Executive
level within the Financial and Commercial Community^-
principally Investment Managers, Security Dealers, Stockbrokers
and research organisations. He/she should have a working
knowledge of the Investment market place and preferably have-
some previous safes experience. Knowledge -oF a European
language woujd be useful but is not essential. The availability
to travel to Financial Centres throughout the U.K., and possibly
Europe, is essentiaL ' - '

Moody's investors Service is a company of The Dun & Bradstreet
Corporation and its -European Sales Office based in London is
part of the Financial information Services Division of Dun &
Bradstreet Limited.. In keeping with a major organisation an
attractive compensation package, including a Company Car, is
offered.

In the first instance applicants- should send a comprehensive .
c.v. to:

Mr. P. H. Steer, Personnel Manager,

Dun & Bradstreet Ltd, '

26/32 Clifton Street, London, EC2P 2LY.

acompanyoF V".

The Dun & Bradrtitcl Corporation

SENIOR ECONOMIST

MONTAGU, L0EBL,
STANLEY & CO.

MoBt& g u> ■ Stanley &. Co. require an-

ifpeneoced economist to work with an existing team on

s? worit wlllS SSI

ind forecasting of the- TLK. economy, major 'cfiSSdes
^ interest rates. The aiccesrfol candidate will

t0 “55“^ ,®arly control , of the production
and development of at least one of the Firm's research
dements and be abje to liaise with clients on eSteS
anticipate that he/she wm be in their-

vrork tWeDUCS pre73aw experience of this Mad bf

by neg ° ti - 011 * subject ^,a«f aadrelerant
Mtehael. Birte ; - \ ' V

MONTAGU,; LOEBL, STANUBY & CCh -- ;

_ 31. Sun. Streep iLondon EC2M '2Qp_ • :

4}‘
*: > -

V

»F> » i n v 3,-gtf Vihi y,\-m n

v. 7.. '““‘is;

aJs»

*•' ; • ' '? ■~i»l

r., , , ( . r “'“' J

“ w - -^^-22

ftMands based.

HaSPA^the Natibrtaf Safety Organisation, Invites
applications'-* • - •

prevention of accidentsatworfc
onthensi(fc#bprraand&
headara* te^pnal qffioestoEals 1BQ and Its turnover*
aj/rerid/^bGOt£ 275 m perannum, income beftto
iarge^derived Jrbm commercial operations.Tfte^

orgarnsatf qns, Mudirig^oompanies, central and focal'
goyferTimentand private individuals who asmernbeis
SL^Kft&adiyities bytsubsaiptions, purtiTaseof:.--

dn its pbfiqtfbmtincj committees. Membershfoservfces

ilwTi Ilia TKn'hi ihlfi i ' _ •> > ■_

axlixafnlrg courses run fcy.hlghbr qualified 2 iaff. "

The appointee wiff t>e ; responsible to the Director
Generarfbr all financial and administrative aspects of

Bank of America is seeking Lending Officers to join its Nordic Regional Office,
based in. London. Responsibilities wiff include developing new business with
corporate clients in Norway, Sweden, Finland and Iceland, as well as maintaining
eating account relationships.

Candidates, aged 25-30, should have at least three years' experience in
banking or in the finance department of. a major Scandinavian company, and
must demonstrate the personal qualities required to deal effectively with clients at
senibr management level. Fluency in at least ohe Scandinavian language and
English is essential.

Prospects for further career development are excellent and competitive
salaries will be augmented by an attractive package of fringe benefits.

Write, with lull personal, career and salary details, to A. J. Tucker, Recruitment
Officer, Bank of America NT & SA, 25, Cannon Street, London’EC4P 4HN.

ra

BANKof AMERICA

rand direction id the Society's finandaiiaod commercial
activates. The Director of Finance arid Administration

« I l~X» [- -i,-4 { •! i n

.Director Genera/ oih&abseride. .

The post callsforpraven expenenwatseraor
executive tevi^arxfcandldatesshduldpQssessan ■*
acaxipaarey^^

Af^mendr^salarycommenstinatieivirhthe
importance of the postis n^otiaWe. Terms and
conditions of service indude 30days annual plus
statutory holidays and a contr&utory pension scheme
with freeJife cover. Relocatfcnassistance is available if
necessaiy, _ ---• : - •

Applications, in strict confidence, givingcfetans of
career tp date^ Including age^present employment and
salary level, should be addressed tor

The Director General, -• ;:V..

The Royal Society for the Prevention of Accidents,
Cannon House, The Prldiy Oueensway,
Bmn i hgh am TB46BS J .,
within f4 days of
publication.

^5

ROSPA

nfwy onxMutlixi ktixppt '

. . j-. . . .. ...

CORPORATE ACCOUNTANT

Central London

£14,000-£16,000+Car

We have been retained to recruit a senior accountant to be based at the centre of a major group -which has a
diverse range of interests in the food, leisure and entertainment sectors. Our client has recently acquired
substantial interests in Neath America and is continuing the process of developing activities in the UJL

and overseas.

In view of these changes, the group now has need oE someone to assist the Controllerin a wide range of
finanr-iaT smrf management matters. In particular, the successful candidate wiQ take responsibility- for developing
and 'upgrading the computerised accounting s yste ms to improve the flow of financial and management
information available at the centre. However, his/her role will also cover a variety of other accounting functions
including related ad hoc projects.

ideally- applicants should be qualified accountants, with good experience of computer auditing and/or working
with computerised accounting systems. A knowledge of U.S. reporting requirements would be an advantage. Of
particular importance is the need for an outgoing personality and the -potential -lor general progression within the
group.

For further details please telephone Richard Norman, F.CA, or Paul Carvosso. A.C.A., on 01-836 9501 or
-write enclosing a curriculum vitae# to our London office quoting reference 3509.

, ■ .. ."

Young Qualified
Accountant for
Marks & Spencer

^ ^&r%AKmamdmaamam

I ■ '■ iiji iI-> iUi:l i f K « ij.

•' ft - T'L.- ,y

I ft tfPtkTiT-jZTlfKlfilWTrTlWfl iT'-4 <<’•>

410 Strand FREEPOST London WC2R OBR.

Tel: 01-836 9501

26 West Nile Street FREEPOST Glasgow G1 2BR.

Tel: 041-2263101.

3 Coates Place, Edinburgh EH3 7AA. Tel: 031-225 7744.

Douglas Liam bias Associates Limited
Accountancy & Monogemenf
Recruitment Cansu&anls

i Senior Auditor

CONTROL A EUROPEAN AUDIT TEAM

there aieraanyexcelleHt staffbenefits including*, anon-
con tributoiypensioEscheme, lifeassuran.ee covei^4weeks
holxdayafter one y ear 1 s service andptofit sharing
after a qualifyingperiod- -

Please writeforfurtherdetafls to:—
Mrs.S.Ej^y6ung, -r
;; Jldd^ScS^^ce^Mx^tadHoase, ,

S.W. London

Reporting to the Director of Audits, you- will travel
extensively in the UK and Europe visiting such countries
as France, Germany, Austria and Scandinavia. A recent
restructuring of the Audit Department offers you' the
opportunity to really develop the function and implement
new controls.

Yqu. must, therefore, be mature and outgoing by nature,
probably in your thirties, AGA qualified and. preferably
with same commercial audit experience. An effective
communicator, you will also nave sound planning/
organisational stalls and. the ability to manage your team

c. £12 ,ooo+ car

A leading manufacturer of pharmaceutical and home
care products has now created this position to head up a
small, independent team. Responsibilities will include
conducting countrywide audits, appraisal of EDP systems
and recommending improved audit procedures.

There are good.'. development prospects and benefits-
include an attractive salary, Company Car, BUPA,
Pension/Life Assurance, annual -bonus end 4 weeks
holiday. If you are interested, ring or write to me, Stephen.
Boyd at Cripps,' Sears '& Associates (Personnel
Consultants), Burns House, 88/89 High Holbom, London
WC1V 6LH. Telephone: 01-404 5701 (24 hours).

Cripps.Sears

Managers (2)

Major Investment 4
Company tomooo-*

Wehavebeen asked E^oor Client thfitovesfmentamofa ■■
major "Accepting House,- to find two- ou t stand i ng Bund
Managers. Our Client is one of the largest forces in the
investment scene and operates across the fall range of
pension fund management, unit trusts, corporate funds etc
They now seek two men /women, almost certainly '
graduates, in their late twenties or early thirties with a
minimum of five years' experience of investment g ame d in
research, based organisations.

Pension Fund Management

The person appointed will already be ivotkmg itt the
pensions area and will preferably have experi enc e- oflocal
authority accounts. There is likely to be a c aasirierah le
marketing dement to the job. .

Unit Trusts

This job calls for a person who combines both analytical
.and fund management skills. The ideal person is likely to be an.
Analyst /Fund Manager with, a stCKrkbroker/msurance
company/bank who wants to move into specialist fund
management.

As well as a generous remuneration figure, which will
include a tonus element, there are the usual banking benefits
such as a subsidlscdmortgage etc.

Please write with full details to Colin Barry at Overton.
Shirley and Barry, (Management Consultants), 2nd Floor;
Moriev House, 26 Holbom Viaduct, London EC1A 2BP. T&:
01-353 1S84.

Overton Shirley
andBarry

FINANCIAL

ACCOUNTANT

Essex c.£11^)00 + bonus

If you're an experienced Accountant and are looking for an
appointment which will give onpie scope to develop your
experience then we can providB you with all the opportunities
you need;

P.C. Henderson is on© of the leading manufacturers and supplier*
ofhigh quality industrial, comrnerctalwiddofiiesticclQorsystams.

Tills appointment carries responsBsility to the Financial Director
tor the whole range of the financial accounting function- credit-
control and payroll, IntemaT audrt^ systons review, performance
analysis; cash flow forecasts and annual budgets. You'll also be
playing a major role in the continuing computerisation of our
financial systems and procedures.

Our need is for a man or woman aged 30-45 with an ACA or
ACCA qualification and several years' sound practical financier
accounting experience in a manufacturing/commerclal organ-
isation. We’re looking for a strong personality, man management
skills and the ability to lead and motivate a staff of around 20.
Above all, we require a professional and creative outiookanda
thorough appreciation of the accountancy role as a key man-
agement function.

Salary will be negotiable around £11,000 per annum plus a profit
based bonus. In addition, there are attractive company benefits
of the sort you’d expect from .a major international
company.

Please send a c.v. to Mr. G. A. Gardner, Group Peraoraml
Manager, P. C. Henderson Limited, Harold Hill, RuiufonL
Essex, RM3 8UL. Telephone: Ingreboume 45555.

^HENDERSON

A MuZtmatioiiall^ Group has an urgent need for.an experienced

Finance Director foe its International Operations. Based in London the

The Company specialises in consumer products but also has significant
. industrialinta^^mlfieUKand overseas.

Particularly good career development opportumfies exist and the ideal
; m en or woman will probably be aged about40 and currently e amin ga
minimum of £40,000 per annum.

1 V> (Of -"-1 !■-«< > C«‘ >*

financi al incentive schema

Rsplife Containing comprehensive career details and quoting reference
C32RFT will be fbnvarded direct to theManagement Consultants
advising onlhis appointment 1 -

. 40 Berkeley Square *

. - London WlX 6AD
• Teh 01-629 9496 .

Becndtnieat Advertising & Executive "Selecti cm

CAPEL-C1JRE MYEES

INEfTITUTIONAL SAJ.ES - RETAILING

We wisit /recruit a Sales Executive for our well established team in the

and. 35 the successful candidate will^be responsible for
marketing hi^i quality specialist rese^^ He/she wp have a deg^ or
SofeS^l^iafificatLon and a successful trade record of selling rese^
■tesed servic^, particularly to insurance companies, pension funds and

experience of marketing or research m the

joining a bigiily motivated professional

^rd^eu^ytobe ^

excellent opportunity in a profitable and ambitious firm.

apply, to confidence, gtotog brief particular* of career to date to:

James Neill, Personnel Manager.

CAPJELrCUBE MYERS

- ^ : - ' ’ Batti House, HpiThwn Vladuet, London EC1A 2EU

Assistant to
Director of Funds

This is a key post in the team
responsible for the control on the British-
Railways Board r s central funding
operations. The ideal candidate will have
corporate treasury/banking experience at
a senior level and be in the 35-45 age
range.

' Commencing salary, dependent
‘upon experience and qualifications, will be
around £1 6 # 000p.a . including London
Allowance. There are generous travel
facilfties.

The location is in -the City of London. .

Applications should be addressed to:

Chief Accountant,

British Railways Board,

222 Maryfebqne Road, /

London NW16JJ.

MAJOR

EUROBOND

DEALERS

•in primary and secondary markets have a
vacancy for an experiencedBond Salesman.

Salary negotiable.

Please apply in writing to F.O. B’ox 361,
Streets Financial Limited, 18 Red Lion Court,
Heet Street, London. EC4A 3HT.

RECRUITMENT CONSULTANT

Age: 25-35 £ Excellent

Since its incDpUon )n 1977. the name of Banking Personnel baa become synonymous with iho
vary highest standards of prolessionalism In iho field of bank staff recruitment- In order to
maintain our present level ol growth In an expanding but highly competitive market, we now
require an additional consultant to augment our cldse knit team of successful consultants.
Whilst previous- experience of ■ banking recruitment Is desirable, we would also be interested
to hear from anyone with a good solid Banking or specialist agency background. The successful
candidate will be personable, articulate, and self-motivated, with a genuine interest in furthering
the career objectives of our candidates. In addition to an extremely competitive salary, we
offer a generous results related payment schema, and the security of working for a highly:
successful division of a major U.K. Group of Agencies.

Please contact oar General Manager MARK STEVENS .on 01 588 078T in strict confidence.

. . OWNAMEBYOCWQaARANTKOFCONHDSnTALITY: -

41/42 London Wall, London EC2.TeIephone: 01-5880781 £}

TREASURY MANAGER

£20,000

An international merchant bank wishes to appoint a new Head of its Foreign
Exchange Dealing operation. The ideal candidate will have spent the last two
years in a junior managerial position in a bank active in dealing, be-aged 40/55
and experienced in dealing in all major currencies. The successful applicant will
manage the new treasury/dealing area and be responsible for profitable entry
into the money markets.

BRANCH MANAGER CREDIT ANALYST

to £25,000 to £14,000

LOAN ADMIN. MANAGER

to £15.000

Applicants with appropriate qualifications should telephone Richard Meredith

LEASING DIRECTOR(S)

c. £25,000 -j- benefits

. Two executives at director level are required, in each case an equity participa-
tion isa distinct possibility. .

One requirement is for a successful, highly-motivated candidate with relevant
• degree and/or ACA qualification who will be responsible for marketing and
also for negotiation, documentation and structuring of the lease.

The second is for a director or principal of a small leasing company who
specialises in the retail, small-ticket operations, e.g. cars, medical equipment,
..micro-computers, etc. i

Suitably qualified applicants should telephone Brian Gooch

Jonathon BANI CONSULTANTS

vren 170 Bishopsgate - London EC2M 4LX • Ol 623 12\

Financial Times 'Huirsday January 7 1982

Two ktaies

In line with this expansion we now wish toiecrmttTO adcB fim ia l ar tnap e^for ouraeaq umcein
Potters Bar, Herts.

Reporting directly to toe Company Actuary yon -will be responsible forthe fall rang e of a ctuarial
activities, including product development, corporate modelling, valuation and reporting.

liin&kkaTy

To be responsible for product devdopment and piofft testing, piereisa certain amount of

travelling involved in this position, visiting Broths in the field.

For both positions we require you to have considerable experience in unit-linked products
and obviously the ability to program a nncrocon^mter Is an advantage.

Albany Life is an innovative organisation and yon will have considerable scope to make
your own personal contribution to toe devdofxneut of the Company. In addition to fee
Jtk ES salary you will receive a first dass range of benefits i n rind in g non-contributory pension,

V WSB free BUPAand comprehensive relocation assistance should you need to move.

\ JB Reply in complete confidence to: Richard M. Kiright, Senior Personnel Manager,

Albany Life Assurance Company Lirnitec^3DarfcfisLanfi Potters Ba^ Herts. EN61AJ.
mSfta k Telephone: Potters Bar (77) 42313.

\ \ Albany Life Assurance

IDANSADMiMSTRAIION ..

-SectkmHead '

" ' ■ cttwo ° ■ SS 5 gt«S£Sass»af 5

DOCUMENIARYCREDII5

DenmASS&am -iftrimtorf

- CJhICtOOO required fe both these

.01-6382323.

Saudi International Bank

AL-BANKAL-SAULXAL-ALAMI UMTTHD

F.X. CUSTOMER

DESK DEALER
£!5K + PERKS

raqulrod for ' lauding prestigious
Merchant Bank. Aged 25-30. Three
yours’ min. ex perie n ce. CVa to ba
sent to:

V>JI. EMPLOYMENT

9 Liverpool Street, London, EC2

Group Chief Accountant

Service Industry

Around £22,500

This successful and expanding international group provides a wide variety of
services to industrial and domestic markets. It is a market leader in its field.
Turnover £85 million with over 6,000 employees worldwide.

Responsible initially to. the Group Financial Director, the Chief Accountant
will control a s mall headquarters accounting staff and will have functional
responsibility for accounting in the overseas subsidiaries.

Candidates aged 35 to 40 must be qualified accountants with at least eight
years’ experience of senior international financial management in industry or
commerce. This is a high-calibre appointment with excellent prospects.

Salary negotiable as indicated plus car and profit share. Location Surrey/Sussex
border.

Please write - in confidence- to David Bennell ref. B.43663.

This appointment it open to torn and tamat-

United Kingdom Australasia Benelux
Canada France Germany Ireland
Italy Scandinavia South Africa
Switzerland U.SA.

Management Selection Limited.

International Management Consultants
52 Grosvenor Gardens London SW1W 0AW

a

GROUP ACCOUNTANT

CITY

UP TO £15,000+CAR

Thisappointment, which arises dueto internal promotion, is based
at the international headquarters of a substantial quoted group.
Reporting to the Group Financial Controller, and acting as his
deputy, the successful candidate will be a key member of a small
central finance team.

Principal responsibilities will be in the areas of financial reporting,
treasury, data processing and the provision of financial advice to
su bsidiaries. There will also be involvement in a wide range of
ad hoc assignments, including acquisitions and disposals.

Applies nts must be graduate Chartered Accountants with a good
examination record in the age range 28 -35. They should already
have gained some experience outside the profession.

Please send a comprehensivecareer resume, including salary
history, quoting ref. 2042 to G.<L Perkins.

ToiK/zelte GG^Maw^BmenrConsiifeants

Hill House, 7 Little NewStreet London EC4A SIR Tef:.0T-353 80TT
Amemberof the Management Consultants Association

A

HOARE GOVETT

Financial Sector Analyst

Hoare Govett is expanding its coverage of the Financial Sector
and .will be recruiting an analyst with at least two years experience
(preferably in the financial area) to join a team which is well
respected by the investment institutions.

Starting salary will be competitive and there are excellent
prospects for further advancement. Applications which will be
treated in confidence should be sent to:

B. D. Cowell

Head of Investment Resea]
Hoare Govett Ltd.
Heron House
319/325 High Holbora
London WC1V 7FB

A' Qty-based major international banking . group bis a
vacancy fix a junior economist, wife at least two yeanP
t-iptrynn* ja commerc ial, finaw4ni or other .relevant
anpkyiuair snee jzrdosiHHia

The post is m toe Economic Department, which is concerned
■Wi a wife Trrn &' -of subjects wvt»« lf ng country dk
assessnent, cmxrocy and interest rate forecasts, as moodily
maxim, the many developing countries in winch the group
and ( fadopn ac in the TTnintt Kingdom, toe
TTtmwi States ani -elsewhere in OECD. Opportunities fisc

ycMwim will hf given.

The appomtment will interest ayoong amiunii g p oges ait ga
good degnee in economics or an aaomted di aaplui e w h o s
keen to join a lively, wcIL-esobEtoed team. There is an
■tractive bask salary and andSfoy benefits are sobaantiaL A
wodring knowledge of a major European language would be
useful.

giving relevant personal data and careerluMiay loHic
Manage^ (UJC. M anp ow er ), Dfrision, Standard

nM ifffdBankTmiwdj IftrVw iiM TaigjFriWTAIL

[&| Standard Chartered JjL

l__J BANK LIMITED W

COMMISSION FOR LOCAL AUTHORITY
ACCOUNTS IN SCOTLAND

DEPUTE CONTROLLER
OF AUDIT

Applications are invited from suitably qualified persons
for the. post of Depute Controller of Audit. The present holder
of the post has been appointed to succeed the Controller of
Audit who retires on 31 March 1982.

The Controller is the chief officer of the Commission and
is required to supervise and guide the external audit of the
accounts of alt Scottish local authorities (total annual expendi-
ture c £4fiOQm ) undertaken partly by the Commission’s staff
and partly by firms of accountants. He/she reports to the
Commission and the local authorities on all significant matters
arising from the audits.

The Depute is, required to assist the Controller in fulfilling
these functions in addition to deputising for him as necessary.
The Commission is therefore seeking a person of proven ability
who can demonstrate substantial experience and achievement
in financial administration. A professional accountancy qualifica-
tion and a knowledge of modem audit practice are essential.

The present salary scale for this appointment is £17,877
to £19233.

For further details and an application form apply, quoting
reference 8201 to:

The Secretary, Accountants Commission,
1™ 18, George Street, Edinburgh EH2 2QU-

I Telephone: 031-226 7346

&■ Closing date: 31 January, 1982;

West Midlands
County Council

COUNTY TREASURER’S DEPARTMENT

PRINCIPAL INVESTMENT ASSISTANT

£9,528 - £10,581 Post Ref: CT 2545

To Initiate purchases nnd sales of investments In tbs UK equhy
portfolio of the Superannuation Fund. Duties include Instructing
stockbrokers, maintaining e dose contact with the stock market
and conducting analytical research into UK companies.

Applicants should possess a final qualification and have at least
z years qualification experience in a financial organisation,
willingness to work with minimum supervision and a capacity
to make sound decisions under pressure essential. For further
information please telephone Mr. S. B. Summers On 021-300
5763.

Starting salary negotiable within range stated.

Assistance may be given towards relocation and lodging
expenses ,n approved cases. . ...

Manager - Insurance
and Ride Management

LONDON WCl. : c£18,000

British Gas seeks a dynamic manager with the professional
competence to lead a small team of specialists in insironce and risk
management at its Holbom office.. •

The Corporation has a turnover approaching £5,000 million per
annum and net assets of £10,000 million. Inactivities are wide,
ranging from offshore exploration for gas around the British
coastline, to distribution and supply onshore.

The person appointed will have the responsibility for preparing an
overall insurance programme in conjunction with the Corporation's
insurance advisers and for providing an efficient on-going service
extending to risk management in all areas. Ability to plan and work
to tight deadliness essential, demanding analytical stalls and sound
business judgement, together wHh a high level of self-motivation
and proven management ability.

Applications are invited from men and women who preferably
have experience of insurance and risk management with a large
indusfriaLconcem or with a major insurance company or broker.
Please write with details of qualifications and experience quoting
reference number F/01 2401/015/FT, to: Personnel Manager
[H.Q.], British Gas Corporation, 59 Bryansfon Street,

London WlA 2AZ. . Bp

BRITISH GAS?

CITY

c£17,000+car

The substantial expansion of this firm of solicitors ova: the last
ten years, both in the UK and overseas, has created the need for this
new position.

The post is of partner status and carries responsibility for all
administration and support services, and accounting and mandat
controL

_ Yon should have sound experience of administration and of
motivating staff, a practical approach to business problems, and
personal qualities of energy, maturity and tact. A secretarial or
accounting qualification could be helpful but is not essential.

Write in confidence to E H Simpson, quoting ref. S020,at
30 Bolt Court, London EC4 (telephone 01-58S3911).

Chetwynd

Management Selection Limited

A*: 30+ CH,EF DEALER

cou.0 ,„i, ™titio us No. Iwh! would £2S£VTl£u2lSS

Please contact MARK STEVENS 8 ‘

Age J“ D OF LOANS administration

bulk,. The ability 4 motivate and umeS * . "rtanwaonal

appropriate tech™*! expertise, and inrpottutt as .toe

A,.: 2+32 JUNIOR CREDIT OFFICER

m a position which invSves cwisiderable V* 1 * knowledge

™n, *U poOaoo wtt , 32

41/42LondonWall| London EC2. Telephone;01-588 0781 ^

TfOV/Z

l 'iTi t g p

JJ I i n 1 1 1 ) f

year prohtena. After evalnatii^yoar

raWi.niJ

1 1 '. }-1 I ,

', 7 fc*.i : i : 3 . i w -• fc i'

11

'V: V. ■- •• ~

Times Thursday January 7 1982

fTI

fBHi

155

(^Qsxor cai«ii(fetes — probably aged over 30 — with at least 3 years*
experience m either deab'ng or a support capacity, within a major
Wposatioifs treasury fancti o iaora bade*

Supervising two other dealing/settiement staff, the Senior. Dealer will be
responsible to the Group Treasurer for the complete operation of the
-Section- Tbis will involve: •

* centraLpqoBng of UK sterling bank balances including management
... of theeonsolidated cash position) - '

* management of central foreign currency bank accounts
3 s foreign exchange transactions -

_*■ short>texm sterling and currejKydepo^ and money market borrowing
* drawings on mtdd^anreiKy-bcrrrowing faeffitfes. '

An attractive salary wiQ be offered plus a comprehetsive range of large
group benefits- • ' V a '*

Please write with foil personal and career details to: J.A. D. Wetenhall,
Courtaulds Limited, 18 Hanover Square, London W.L

Project Accounting
Manaoer

circa £13,500

Davy McKee (Minerals & Metals) Limited, based in Stockton, Cleveland, is an
engineering company providing a complete project management, engineering,
design, supply and construction service to the iron, steel, process, minerals, energy,

• V 1 Ti (T» ••J irlinM* ^ * iTSH all!* II wi ■ • r«.iMliilt M iTnn ■ »iT^Ev7*T5 Hi I

This is an opportunity to lead a section with a staff of 14 to produce control and
financial records relating to all projects.

The successful candidate will be professionally qualified and be within the age
range 2S-45. Preferably he/she will also have worked ps a Project Accountant for a
contracting organisation and have gained knowledge of international projects.

The ability to communicate effectively and to motivate others is essential.

Much of the contract cost recording is computerised and the Project Accounting
Manager will be expected to assist in the further development of computer
applications.

Salary will be circa £13,500 and benefits are commensurate with the responsibility of
the position. Substantial assistance can be given with relocation to the Stockton area
which' is pleasantly situated dose tb the Yorkshire Dales and North YorkshireMoois.
There are good leisure facilities and housing development in the ansa.

Please- write or telephone for an application form to:

• David Dove, PER, 1st Floor, J

Rede House, Corporation Road, IK

UflW Middlesbrough, Cleveland, TS1ITN. i|

W Middlesbrough (0642) 24819L Ext. 275. I

E Executive

Recruitment

GENERAL

MANAGER

Salary: £22,500+

Age: 40+

A qualified accountant or banka; with experience in the financing of
international tradc,is required as general manager for the Gity office of a
small group of companies under entrepreneurial control and at present
operating from New Yoik’ and London.

In addition to responsibility for the day-to-day operation of the
procurement of supplies and foe accounting functions in London, the

' : gm eraj TTKm ag w -coin biff mainly rryn rpmfd xu ndr handling fhr financing

: arrangements there andwifl. report directly to the owner of foe group,
who is based in New York. Only those with substantial international
trading experience should apply. The remuneration package will be
Jtegotiahle. from £22,500. ■

Applicants, nude or female, should write in confidence with details cf previous
experience and ament salary, quoting reference DFT778, to J.W. Hills, at

Annan fmpey Monish,

- ' !. Management Consultants, •

40/43 Chancery Lane, London WC2A 1JJ.

CENTRAL LONDON £14,000 + CAR + PROFIT SHARE

Ourclientisafurnishing contractor specialising inlocal and international
contracts. The business is new and is expanding rapidly.

A Financial Administrator is required to takeresponsibilityforthefinance,
accounting, personnel and purchasing functions. The appointee will
initially work with consultants in the development of procedures for
these functions. The job will entail some travel in the U.ICand abroad.

Applications are invited from persons in the 25-30 age bracket They
should hold a degree or major professional qualification in business
administration, commerce, accounting, or company secretaryship.
Experience of a contracting or engineering environment is desirable.

This is an exciting opportunityfor a young person with drive, initiative
and the potential for general management A salary of around £14,000
(plus a car) is offered and a profit sharing scheme is to be introduced.

Please send a comprehensive career resume, including salary history,
quoting ref. 2043 to G. J. Perkins.

Touche Ross &Go,Mcma$p\mti, Cotmtkants

Hill House, 1 Uttie New Street London EC4A3TR. Tel: 01-353 801L
■ A member of the Management Consultants Association.

A

ASSISTANT TO
FINANCE CONTROLLER

SUSSEX COAST c. £9600 plus STAFF MORTGAGE

An ^opportunity has arisen to join a major financial institution with branches
throughout Great Britan. The Alliance,' one of the largest building societies in
the coarrtry requires an experienced person to asset in the management of
the Societ/s iquklfunris to the money market

Thesuccessful appEcantwrfl also a s sis tt h e Finance Controller wifo theproduction
of avariety of financial [ reports and data. • • •

Applicants should be numerate, capable of expressing themselves dearly and
concisely and must have a thorough knowledge of the money market and partic-
ularly the fixed interest market A knowledge of bask: computer programming
would be axfistinctadyantage.

The salary offered wffl be within the range £9620 to £12785 per annum and
wifl. be determined by the extent of relevant experience, ft can be significantly
supplemented by generous concessionary mortgage facilities and other fringe
beitefiteindudefi^ medical insurance, afirst class Pension Scheme, and excellent
sports and social, farifities. ' •

Please write or telephone for an application form to:

M.A. Nicholson, ‘

StaffAdmini5trationControllen

-Alliance Building Society, Alliance House, ^

Hove Park, Hove, Su ssex BN3 7AZ. ■ •

Telephone: Brighton 776454 Bctn 23 >4

NCE

BUILDING SOCIETY

1 ■

Director of Marketing

Cumbernauld c £20,000

We are seeking for Cumbernauld Development Corporation a senior manager with a
proven record in marketing, promotion and administration. This arises from a vacancy
in the post of Commercial Director and the new title reflects the increased emphasis
which the Corporation is now placing on the promotion of the New Town.

The prime function ofthe post will be the attraction of new jobs in industrial, commercial
and administrative fields to meet the Corporation's growth target and to create a
balance of job opportunities in the community.

The successful candidate is likely to be around 40 years' old and may be a Chartered
Surveyor. Some knowledge of engineering and manufacturing processes would be an
advantage! Although not essential, experience ofworiting irt Scotland would be helpfuL
The applicant should be- prepared to live within or near the designated area of the
NewTown.

The post will be at Chief Officer level and the individual appointed will be a member of
the Corporation's Management team reporting directly to the Chief Executive.
Working conditions are congenial, the salary offered is attractive, a choice of super-
annuation schemes is available, life assurance cover is provided, and car assistance is
given. Re-location expenses will be covered and help can be given with housing.
•Applications are invited from men or women who should write to John Barrie or
telephone (24 hour answering service) for a personal history form and further job
cfetefls, quoting reference PE/7.

BankRecruitment Specialists

jAged 28-35. Tor prominent US. bank. Several years’
international corporate' lend teg experience required,
including US. bank training and eotpenenceof

Well.preaenied, ambitious Eurobond Dealer [25-30 j '
sought by soundly-based rzucmatknuU securities
bouse. Significant career prospects and comprehen-
sive fringe benefits.

INVESTMENT (Middle East) ^Negotiable

. . e xpe ri enced Investment Analyst [25-33) sought fp
- take responsibility £or performance measurement of
' equity and fixed interest funds, with additional
tr easur y management involvement. Gulf location;
high flnnc U reward andsormal expatriate benefits.

SPOTDEAIfil c. £12,000+

a top name. Several years’ experience required in
afl major currencies- Age preferred mid -20s; know*

'■ Jecfer of a firopeua lauxuagc ad vantageons.

The P-E Consulting Group .G :\p c

140 Hope Street; jo(asgow;^ 2TC1^T^: : :0412CW140^^ ^ A. i '

■ COMPANY SECRETARY

North London c£15,000

This is an unusual opportunity to join a majorBritish company, part of a top-bracket Interna-
tional group, as Company Secretary. .

• The company manufacturers and imports capital goods for sale to the home and export
markets and is currently working to a re-organisation and expansion plan that will step up its
ope rat ions- to meet the upturn in the market when it arrives.

This is a new senior position whose occupant will report to the Financial Director. The
company considers it has an abundance of financial expertise within its organisation and is
therefore primarily concerned to appoint a Company Secretary with considerable
experience and expertise in legal matters a pertaining to commercial operations. The person
appointed will be expected to advise the board and line management and to have the ability
to write procedures for personnel and company operations. The ability to communicate in
French is a desirable attribute.

The company offers a first-class starting salary together with a full range of executive
benefits including a company car. Relocation expenses will be paid where necessary.
Applicant^ male or female, should telephone Brian Smith, Director, 01-903 9477 quoting
reference M/2080. Or write to Aplin Phlllimore Associates, Circle House North, 69-71
Wembley Hiif Road, Wembley, HA9 6BL

MOTOR INDUSTRY EXECUTIVE SEARCH AND RECRUITMENT CONSULTANTS

Redundant - or just looking^

Q aur presresBan Bodied? Owiigrt
stances?

mart rewarding? As a. career couakUot wnh over 16 ytvrr

ZL2JW) ^jmipramtpivbkmsbitaptBpeamajiaieaeaiie

Rsnto aad cany out * systanaec job Beard* P™S n 'f nme

W ont many rateable cootacn. Full research back-up,
e&pntatanm and interview training, searianat/ww*
Bremsuar Salines, use of & dr if rcquired- And ^T
tohliamd-peiswal support sod lawouxagaMU with itgniar
ndewxfpregrraa.

neMkhad Wood amq wittewtobEgatkai, on
3 bury (tB») 58883oflto or 721420 home.

INSURANCE BKR5. MANAGEMENT

CHARTERED ACCOUNTANT

29-37 PREF. TO £15,000+CAR

This fast expanding Internationa] Insurance Group needs a
qualified Chartered Accountant to take control of alf financial
matters for its London based Broking House. Eventual progress
to foe position of Financial Director is envisaged.

You will be part of a young, flexible management team and
actively involved in foe development of the company. Lloyd’s
Broker experience and. a knowledge of computers are important.
In confidence contort Andrew ‘Moore, AC! I, or Tim Weeks,
MB1M. MIEC.

MOORE & WEEKS LTD. Teh 01-4*1 1506. CORN EXCHANGE
BUILDINGS, 52-57 MARK LANE, LONDON EC3R 7QD-

ACCOUNTANT /DIRECTOR
FOR LLOYDS BROKER
SALARY £18,000 + CAR (NEG)

A City-based Insurance Broker is seeking a Qualified Accountant
(30-40) with Lloyds’ Broking experience to take charge of
the accounting function, i he person sought will be a 'good
administrator with the ability to both devise and implement
Strict budgetary controls.

The successful applicant will be expected to make a major
contribution to the company's future expansion.

Telephone G. J, CLARK ON
01-422 8218 in strict confidence.

Acxjountant

& Company Secretary

Oar dent Fober & Fc&er Umfled, wishes to appoint a
Chief Accountant and Company Secretary who reports to
the Managing Director. There is an amounting staff of 15.
The responsibilities indude tbe provision of management-
and financial accounts, establishing and monitoring
budgets, cash flow forecasting, credit control and advice
on the financial impKcaHons of Board dedsions-Tnere is
also company secretarial work including the
administration ofthe pension scheme.

Candidates, should be qualified accountants with a
minimum of three years industrial or commercial _
experience. Previous work in publishing is not as important
as familiarisation with computer systems, being up to dais
with current accounting practices, and previous
involvement in decision making. Experienae of supervising
staff is ala> important.

Starting salary is negotiable. A company car and pension
scheme are provided- The position is situated in
Hariow, Essex.

Please write or telephone for a job specification and
application form, quoting reference number 1330 to:

•Jl

Anne Knell, Prina'poJ Consultant,
Binder Hamtyn Fry & Company,
Management Consultants,

2 St. Bride Street, London EC4A4HR.
Telephone: 01-353 5171.

ACCOUNTANTS

NORTH SUSSEX
FROM £10K PLUS BENEFITS

We are a British owned, multi-national group, a highly
successful manufacturer serving the electronics industry.
Due to internal promotion two important head office
appointments have arisen for suitably qualified men or
women; both report to the Group Financial ConiroUet

Project Accountant

This requires a mobile person able to undertake specific
project investigations at our various UJC locations, and
assist with the half-yearly Group consolidation.

Additionally he/she .will act as Management Accountant
for at least one of the Group's new business ventures.
Candidates should be ACMA, aged around 30.

Head Office Accountant

To prepare management and financial accounts;
supervise a small accounting team and assist with
- treasury functions. Candidates should be in their 30’s,
and either fuli or part qualified

Please write, with brief career details, to Michael Mealing,
Group Personnel Manager, ran nag

Bowthorpe Holdings PLC, mmm

Gatwick Road. Crawley, Sussex.

Tel; Crawley (0293) 2888a EPBia fifi

Eurobonds c £20,000

Two loading U.S. bond dealing operations are urgently seeking an
experienced secondary market trader in atreighta and FRNS.

ALSO

EUROBOND SALES EXECUTIVE with proven track record.

Commercial Banking Manager

A well establish ad end profitable UDTl in the City are seeking an
experienced banker with a strong trade finance bras to head up a
busy documentary credit and commercial loans department.

Landing Officer

A largo International Finance Company with a banking presence in
the City require a senior lending officer with specific knowledge of
trade finance with the Middle East also of International syndicated
lending.

Internal Auditor

A prime International financial organisation require an experienced
auditor for their City office. A minimum of 5 years in bank audit and
the ability to assume managerial responsibilities are essential.

Junior Marketing Officer

An ideal step into marketing is offered in a prime bank based in
the City. A background In loans or credit and a positive approach
is essential.

TALK TO SHEILA JONES

OLD BROAD STREET
BUREAU LIMITED

STAFF CONSULTANTS I

MANAGING DIRECTOR

ENGmNB/FABRICATION

£18,000 and .car

We are an expanding private group and an associate of a
large hwemationad group wfth plans for substantial investment
in British manufacturing sector.

This appointment is to provide leadership to a team ef
■ professional directors and to undertake a programme of
expansion and diversion. Initially foe appointment will be for
one company with emphasis ki production and commercial
management.

Candidates, around 45, should currently hold a profit
accountable general management appointment. Experience in
production management and handling engineering contracts
is desirable.

Betides negotiable salary and car, the company shall pay
relocation expenses and profit-related bonus.

Please send rele van t delays — m confi den c e — with evening
phone number eo:

Box A.7712, Financial Times, 10 Cannon Screen, EC4P 4BY.

Position:

QaaBSatiflig:

Age:

Salary;

Retired Banker (a challenging position).

(i) AJJB.

(&) Must have heftd a responsible position
with a reputable commercial bank.

(Hi) Two references, one of whom must be
the last employers.

45 to 60 years.

Negotiable.

Fringe Benefits: Attractive.

Replies: / Replies should be addressed to our Chief
executive and marked Private & Confidential.
Write Box A 7708, Financial Timas
10 Cannon Street, EC4P 4BY

Fmancial Times Thursday January. 7.. 1982

Accounting systems
manager

London c£16£00

Atthe European head office of one of iha worid's leading cons^ctton ’
companieswith significant operations in the energy industry A record level of
new contracts have been written in the last twelve months.

win manage the installation of advanced computer systems tohandle the
accounting for a region generating 40% of group tunxjver. p^d^ohres

the replacement of an entire accounting system usmg.an IBM 3033 wflh a . .
budget of sixty man years, liaising closed with headquarters in the US ana
with isers throughout the region, you will lead a specialist team. and report to the
senior finance man in Europe. This is a three year project which will provide

excellent opportunities for advancement

Aged around 30, male or female, you should be a qualified accountant with two
or three years' computer systems experience, probably gained in consultancy or
professional practice, and must have played a leading part in an installation
project. - .

Resumes including a daytime telephone number to Stephen Kaney, Executive ,

Selection Division, Ret B010.

Coopers

&Lybrand

associates

Coopers & Lybrand Asso ciates limited
management consultants

Shelley House Noble Street
London EC2V7DQ

Internal Audit

- An- international bank in the City is seeking
an experienced internal auditor to strengthen an
established team. . .

The ideal candidate* probably in the 25-30 age
■range, will have achieved good G.C.E. ‘0* level
(if not ‘A* level) results, to .which an AXB. or
MJLA. will have been added. He or she win also
have had about 10 years exposure to international
banking, the first half spanning a variety , of
operations and the latter 5 yeais concentrated
on internal auditing within a computerised
environment

A five figure salary is envisaged if the above
criteria are met Other benefits are competitive
for the banking sector, including profit-sharing.

Applications will be treated in strict confi-
dence. Please write initially detailing age, qualifi-
cations, experience and present salary to
Mr. E. Cotter. '

®p

HEAD OF TRAINING

CITY o£18,000

MAJOR INTERNATIONAL BANK

Our Client is a substantial and expanding international bank
employing approximately 700 personnel in the UfC
Promotion has created the need for a senior training officer to take
control of the existing training department in Iondon_ which
consists of a small and close knit team. Principal responsibilities
will be for the creation and administration of training courses and
projects together with the co-ordination of graduate recruitment
and human resource development

Candidates, probably in their earfy 30's with a degree and/or a
professional qualification, will be training professionals with flair-
imagination and well-developed interpersonal skills incorporating
the ability to communicate and motivate at all levels.

This represents a genuine career opportunity with a financial
institution of substance offering scope for personal development
and a competitive salary and fringe benefits in the best banking
tradition.

Contact Norman Philpot M1PM or Peter Woolnough BA
in confidence on 01-248 3812

uitment

sid c.-L on do n l£C2.Te ! ep h on e 01-248 3812 3 4. 5 -■

42 Drury Lane, London WC2B 5RN.

Guy Butler
(International) Ltd.

International Money Brokers

Due to expansion and the formation of a new section require.

Currency

Deposit

Brokers

with at least one year's experience of. the fixed or short date
currencies in the international deposit markets.

Good salaries and the usual City benefits will be offered to
' successful applicants.

Please write giving full details of experience to date 'to:
Miss Maureen Ormerod
Adelaide House, London Bridge
London EC4R 9HN

IBUYUlEiRS

Guy Butler (International) Ltd.

‘ A mom bar ol the Sime Darby Group

UNITTRUST t
ADMINISTRATION

FIDELITY INTERNATIONAL MANAGEMENT LIMITED -

Unit Trust arm of the world's largest investment fend group, which

£6,000,004000 worldwide -has two vacancies withinits Finance and Administration area.

SeniorlMt Trust Administrate

The postal is for an ex perienced atamstoitor to join the.existing team-

that toe individual has ptorea abffity ia unit trust sertrees sad a sound imderaMdiag of

accounting controls. ; ,. .

A knowledge of computes wiU be beipfel, asagradual programme of computensahoaK

bring undertaken.

The likely candidate will be in the ago range 25~35.

Accounts Assistant

This position requires a person with at least 2/3 years experience * ashienng an d gener a l
ledger^condliatioiis. Responsibility will be for a manualhought ledger and settlement

system. — .

This is an excellent opportunity to join the Company in its eariy years. Compefifire
salaries are offered together with bonus and other fringe benefits. . . . ■ ntmgrf ..'

Those applying should note that the Company Accounting and Administration Depart-

ments are relocating to Tonbridge, Kent within the next 9 months.

Please send a detailed C.V. in strictest confidence to: __ _ - ,

AJ. Watson, Directory Finance & Admimstafaoa T7-||-|rilTrVr

Fidelity International Management Limited AvXoAJLL y _ I

20 Abchurch Lane, London EC4N 7AL TTltHlTl fltlfjnfl 1 ^

INTERNATIONAL TROUBLESHOOTERS

Central London

neg. to £13,500

Our client, a fash growing British company involved in advanced
information technology with annual turnover in excess of2120m
requires two exceptional, young qualified .ACA/CA/ACCA’s aged
24-32. ' . . .

The positions will involve around 50% travel throughout
EUROPE, LATIN AMERICA, HONG KONG. SINGAPORE and
the MIDDLE EAST. A second European language would therefore
be a distinct advantage.

■ *

Candidates with high potential will be interviewed shortly.

Please contact GEORGE D. MAXWELL.

Hudson Shribman International Ltd

23 College Hill, London EC4 Tel. 01-2487851

APPOINTMENTS

ADVERTISING

RATE £29.00
per single column
centimetre

African Lending

c£1§,M 4- banking benefits

A leading merchant bank in the City is seeking an
experienced banker of high calibre to help establish an
African lending desk, handling a portfolio of sovereign
and corporate loans. This will involve extensive travel.

Candidates should be aged 25-35 and conversant with all
aspects of lending to Africa particularly business develop-
ment, credit analysis, loan administration, documentation
and syndication.

Fluency in French is essential as is the ability to analyse
independently and objectively complex risks, and to
develop imaginative and innovative solutions.

Please contact Philippa Rose

Philippa Rose & Partners Limited

18 Eldon Street
London EC2M7LA

Telephone:
01-588 5196

Banking Opportunities

Financial Accountant earfy 30's c. £11500

An international bank require* a quaHfed -financial accountant.
Applicant! must have a «*Me knowledge of banking and accounting
systems

Loans Administration Supervisor 30/40 £10,000

Supervisor wWr strong ovalities of leartrrsftlp required to control a
section M -the ' loans department of an tatemattcKidl bank. Must
have covered entire range of loans administration duties wkh emphasis
on syndicated loans. Good prospects.

THE FOLLOWING FOUR POSITIONS ARE FOR CREDIT ANALYSTS
WITH BANKING EXPERIENCE)

Credit Analyst mid/late 20’s £9-£12.0CO

Major bank seeks UK/Intenutional credit analyst experienced m
spread In" of all types of financial statements and preparing financial
and Project reports. AC te*M two years 1 experience In credit analysis
required. Working knowledge of Spanish! Portuguese useful.

Credit Analyst mid 20’s c. £9.000

Well-educated credit analyst with two or more years' experience
req uir ed to analyse prospective borrowing. Must have covered all -
. aspects of credit analysis.

Credit Analyst mid 20's c. £8,CC0

Credit analyst wKh experience of baik and corporate analysts required
by International bank. Minimum one year's credit analysis experience,
buf must be In all aspects of both above-mentioned types of analysis.

Credit Analyst 25/29 c. £10,000

International bank requires graduate In Economics, Business Studies
or Law to work with senior management review I oa and analysing
extent Ion of credit tor corpora tel government and bank borrowers.
Minimum two years* experience needed.

UC Bank! ng Appo iritmen ^ _ p

.170 bIsH OPS GATE. -10 N DO N EG2 M 41^’ f

01^-283 9953

Financial

Controller

c £25,000 + benefits

A company urgently require a qualified AGA
aged 32-40 with considerable financial experi-
ence. The experience must have included credit
control, and a good computer systems experi-
ence (hopefully of forex or money-market
transactions).

In addition to the above the applicant should be
articulate and have a lively disposition. The
position affords the opportunity of a boardroom
appointment

Contact: Brian Gooch
JONATHAN WREN & CO. LIMITED
(Recruitment Consultancy)

170 Bishopsgate, London, EC2
Tel: 01-623 1266

CHARTERED SECRETARY

^ Salary up to £15,000 per annum
plus car and other benefits

S.'Sr W. Berisford tmrfteW,- t-riisjbr public company situated in
the City of London, is the holding company for a highly success-
ful international group of companies principally Involved in
commodity merchanting, processing. *nd distribution.

In addition to the usual company secretarial functions associated
with a U.K. listed company, the Company Secretariat provides
a varied range of legal, property and administrative services.

An experienced Chartered Secretary is now required to assist
the Company Secretary in this role. Applicants must be able
to demonstrate success , in a similar capacity and while age is
not a limiting factor, it is unlikely that anyone under the age
of thirty will have had sufficient experience for this important
position.

Applications should be sent to: ’ '

The Secretary

S. ft W. BERISFORD LIMITED
Berisford House
■ ■ 50. Mark Lane
London EC3R 7QJ

LOOKING FOR

WE CAN HELP YOU.

CONTACT THE PROFESSIONALS
IN CAREER COUNSELLING.

■Telephone for a free, confidential appointment with a
consultant, or send us your c.v.

T&nm London: 01-580 7861 35-37 HtzwyStWi
Manchester: 081-228 0089 Sunlcy Building
KccadStjr Plaza.

TTw P w /Ktj q iralt HI f ay mu dlHig

AMBITIOUS GRADE OTs

Expanding subsidiary of major international group
seeks experienced staff for UK lending business

Contact: Jack Shebson, Company Secretary

BANK LEUMI (UJC) LTD.

TEL: 01-629 1205

4/7 Woodstock Street, London W1A 2AF

PROJECT/CORPCRATE FINANCE
OFFICERS

• An expanding International bank requires young projact/corporata
finance officers for ita merchant bonking arm which is located in the
City. MBAs or holders of Masters dsgrM3 In Commsrcs/Finsnce/
'Economies with a minimum of two years’ experience In project
appraisal, cradft/investment analysis or any area of corporals finance
may apply. Innovative individuate with a capacity for sustained hard
work are required to form part of a young and affective team. The
flexibility to work .with people of diverse nationalities is essential.

• A working knowledge of languages other than .EngNah would ba an
advantage. An attractive salary will be offered with axcedant prospects
tor career growth within ths Institution.

Applications with curriculum vitae and one passport-ska photograph
may please be addressed to

Box A. 7717. Financial Times. 10 Cannon Street, EC4P 4BY

IB

Small expanding company, operating as specialists in construction
industry, requires an accountant.

To be responsible for simple financial accounts up to year-end
accounts, foreign exchange, monthly management reports to the
board (budgets, cash-flows, capital investment appraisals, working
capital controls).

Salary according to age and experience plus excel tent annual bonus.
Excellent prospects as company grows..

Apply in writing to Mr. D. !. Price,

SOIL STRUCTURES INTERNATIONAL LTD,

58 Hfehg&te High Street. Wghgate, London NL 6 .

EXPERIENCED TRADING PERSON

is required, preferably living in Essex
TO MANAGE A NEWLY ESTABLISHED UK OFFICE
OF A LARGE INTERNATIONAL GROUP

Applicants muse have extensive knowledge and experience in all
types of international trading and wiH be expected to introduce
new ' business as well as increase tire company’s present sales
activities.

The successful candidate wHI receive a very attractive salary
together with profit-sharing /benefits normally associated with a
large and progressive group of companies.

Applications w3I be treated in strict confidence and should be
addressed as follows:

Box-AJ716, Financial Times, 10 Cannon Street, EC4P 4BY

CHARTERED

ACCOUNTANT

(25-35)

required to take full charge of all company
accounting. Computer experience essential
N.W. London

THE ROYAL BANK OF CANADA

' requires an experienced

CORPORATE SERVICES DEALER

in their expanding International Money Markets
operation in Eisbopsgate

The ideal candidate will have traded both
foreign exchange and deposits and have a
good working knowledge of the domestic
sterling market. A competitive salary will
be offered, together with an excellent
employee benefits programme.

Write givrmg details of age, background and 1

experience io:

M. C P. B eales , Manager, International Money Markets
THE ROYAL BANK OF CANADA
90 Bishopsgate, London EC2M 3XQ

Circa £10,000

LONDON-SASB) SMALL
INTERNATIONAL

TRADING

COMPANY

require a well qualified, capable
accountant able , to work with
minimum supervision to -undertake
the position of group Interne!
Auditor / Management Accountant.
Experience in multi currency con-
solidations would be an advantage.
Excellent salary. W.P.A. Insurance,
pension scheme, etc.

MANAGEMENT

ACCOUNTANT

required Tor UK operating company,
pan of tha abova group based In
South West London, The ideal
candidate will be e young,
ambitious, accountant with aotne
knowledge of computer accounting
—■able » work .with minimum
supervision, preparing and analys-
ing monthly management accounts.
Excellent salary, W.P.A. insurance.

pension scheme, etc.

For both ttteae positions please

writs;

Box AJ719, Financial Tims*

10 Cannon -Street, EC4P 43Y,

A CALL TO SCHOOL
LEAVERS OF - 1982

sr*" 8 -

Would you be good at ending out news
and nmortingr Inara lewing people'
•*hoirt the odnltles of lile apd aerfout
nubile Issues? it jnauns ■(» HOjata
Ml covering, coogrir meetings and law
courts— and maybe sports crania. One.
jray Into, training for this worfc-^-lf you
hara the right aptitade — 1 * to attend a
on p- year course, followed by aC-yearj
Indenture to a orovindal newspaperTi?
you are. likely to have two 'A* levels
20 ' an September 1st.
)932. write for an 'application form:
qretoslng a g inch by 4 inch stamped
and addressed envelope, for the New*,
paper Journalism course starting that

oryAniStifion*

niE NATIONAL COUNCIL FOR THE

Epping, Jess* CM18 4NL.

Sun liar coursos are also available j n

j.TS,,*'"”™'" “ d

Professionals

Only

We are- the Company
with the Product
with the Know-how
with the Success
If you are the Person
with international sales ex-
perience, with the motivation
to make real money, with the
ability to speak En glish
fluently plus one other
language: French, German,
Spanish, Arabic or Chinese.

You can become an
Area Manager

of a leading Sales Company
in the field of finance and
real estate with openings
world wide.

Please send your cv until •
photo to:

Propin vest

84 Rue du Rhone
Geneva 1204
Telex: 42118 Prop. CJH.

Qualified

Accounfaiit

. P^erxbiy FCA or FCMA '

• ' • required for Central ; '-.
Headquarters, otf, a leading* -
Group teqtfcd
10 miles N f . of Birmingham
The successful upoficBBt will -be

™ ncod . in we conttpl of

management statisdog rained -to

a f?>“ 0 *>ar of Helds 1
' Shoes 'idtetri-:
txporienca Tn ths sppiiito.
™ wmputsp. fbr finaricfel.
conmits wilt, be en advemaga. ■

Wmm repfir firstriOBST ' •

connaance

Write Sox ATfll, Financial Timss
TO Csnnoff Street, EC4P 4BV

COMPUTER PROGRAfdMER
Sought by International iBank for
ft!™** Dwwimew. .S-12 months
Po*slb»Utr or hmger
my. Salary negotiable. .

IWM. ’^^ARING BANIOR

status

later. Salary neootuW
, loams admin.

Sfia , «^ + 5 .

Plwoe contact: ■ ■

SHEILA ANKEtEldjilOMES sV

....... 01-236 0731

HIKE POPE & ASSOCIATES

Bank Recruftme/rt Consultants
Credit Manager (Bah-
rain) (32-38) to 385,000

Eurobond Salas Execu-
tives to £25,000

General Manager Com-
mercial Banking (35-40) £ neg.

Gradute Landing Officers £neg..

FX Dealers to £1B^XX)

Assistant Manager —

Accounts £_nsg.

, Please contact
M3te Pope or JDavid Patten
01-626 5191

1/2 Qracectrorch Street. EC3

INTERNATIONAL ENERGY
DEVELOPNS«T
CORPORATION .

r 5^, d| y. ®*Pendin
company engaged In rnteroatidm..
oil end gas axploratlqn and deveiop-

Mnnees In energy roletad fioida.
wa require a reliable, qualified
accountant to be responalUs i '

(or xba maintenance of- the
P* “y s accounting records and~'to
assist.,, m die development . of

flpfSMlIHL.

Applicants should have prior exseri-
encs erf ofi Industry joint venture
amounting in an operator capacity.

orgarrisaiion with
mufti -project InvolvemaoL.

• Applications, enclosing a full
curriculum vitas, should ba
addressed to: -

The Financial Controller - - -

isi development :
SERWCES.um, • -V-.

The 'Leaver Mil I, lOngstOOHo ad'
EwelL Epsom, Soneje Ial7 2AF ,

SUGAR '

TRADERS ’

Major International Trading com-
pany -seeks experiabesd traders -of
the highest qctifity- vs dearfn Vsugs r-
and other' soft txmi mo dUha r. ’ Can-
didates must hava .a record .'-of
proven success in this field. Salary
negodabla.- _• *• - : ~

: Write Box AT71B. Ffpdhcitl TtmtK •
10 Cannon Street, JEC4P 4Bt. ~r .

APPOINTMENT^

WANTED

MANAGING director

Recamly. returned ‘ fronv-foyr
resldanC» In ' SJB. -Asia -sstting- up
sucosc&hif.HIah TechnOlagyjM^kflCr-
ing and Servico -- Oigamsatlbri.
throughout the region. * seeks
opporonffty. to tiae -ibis- experience
l «d j contacts^. ■ Cm ...

Write. Box Financial Thrua
10 Cannon Street, BC4P 4BY{

13

emationa

' IHVESTWEHT BftfflCHR

-Britain with-

anti -with- - wi < te.l~. «ffl l rf *nc B :ot
Kacuritiaa Invasmant *gl corporal*
finance.' cprramly ■ ‘w^rkhig for
Middle East investment nmica,
.seeks -Chung* . ..WtiKi».iO' be. based,
in tf.K, or Middle ideally, with
European or-U.?. ^hjrosiifeeni bank
or '8- Middle - ^Eastern

financial inHiflrtkar ■; pr -<indt*idunl.
Fyif c.v. . 'sttppf*d »;-flenirina,
potentielly 'compatWa* . onfluirara. -
AH hsttom v*nt : M acknowledged
and - treatad.'-jidf tfci -:stnettu con-
fidence. • - *■ ■ .

piuta rwfyTQBbx a .77M ■

■ 'StnimcaiTima

10 CertruW' Street. RW >av

Director

Hong Kong

n 14|MM»J.

1

APFOINTMENTS

• . m * *- ,L'7'; .. .. .

APPEAR EVERY
r THURSDAY

Rate £ 29.00
jer Single Cotinnn
'Centimetre

' c. £30,000 + 25% (income tax 15%)

incurad ln m location, and the remuneration will atttaa those

. gcK sn&piws h South-East Asia-The finance tenefiS ^tTSde ^

* educaU0n ^ annual
in writetoii application form or send brief CVto the address

SSssSiSS S“ sssslasss SSSSsr

Sss^jasi*aRafiS 2 “SrSa^SsaSSr '

commercial company, using sophisticated computer-based initial interviews will be conducted by PA Consultants.

PA Personnel Services

Hyde Park Hou*c, 60o kniRhtsbridge, London SWt X 7LE. Tet: 01 -2 t3 MM»0 Telev. J. 8. 4

A member o / PA International

VACANCY EXISTS

FOR A

SENIOR TRUST OFFICER

- V-flSii THE CAYMAN ISLANDS ■

.Candidates . should ; have several years relevant
. experience .at Trust Officer level and hold the
Trustee Diploma- of the institute of Bankers or
! equivalent .professional qualification. Duties will
V ’ V, ' : include ^Intt'aiJon of managed companies.

■ V An attractive compensatory package will be offered
; to the successful app l icant.

‘ ^Applications Jn ‘complete confidence, marked
• Confidently, should , be addressed to :

■ -yi. TheHanagingDirecto^r

r '

Bank and Trust Ltd.

609 - ,

; ” Graird Gaynnan
British West Indies

A WtME^ER G)F THE : INTERNATIONAL BANK
OF WASHINGTON. GROUP . ...

.

*

RESERVE BANK OF AUSTRALIA
\ ASSISTANT GENERAL MANAGER
A NOTE PRINTING BRANCH
\ MELBOURNE. VICTORIA

The Reserve Bank of Australia, which is currently commission-
ing a new bank note printing works in Melbourne, Victoria,
invites indications of interest from persons suitably qualified
and experienced in large-scale printing operations for appoint-
ment as an Assistant General Manager. Qualifications/
experience in high security printing will be of particular interest.
The occupant of this position will come under consideration
for possible future appointment as General Manager for which
there is likely to be a vacancy in late 1982.

The new Branch has a staff complement of about 600 and is
equipped with current design multicolour offset and intaglio
presses. Its work comprises high security printing of which
the most important element is the production of Australia's
legal tender requirements in currency notes.

The post offers either permanency of appointment, subject to
8 maximum retiring age of 65 years, or a term of four years,
renewable by mutual agreement.

For a permanent appointee, initial salary in the vicinity of
5A35.000 pa, with accompanying senior executive benefits, is
envisaged. A comparable salary package would be negotiated
for a term appointee.

Interested persons with the requisite qualifications/experience
are invited to write personally no later than 15 February, 1982
in the first instance to:

\. The Chief Manager

y ’ ’ Personnel Department

ti Reserve Bank of Australia

?v Box 3947, G.P.O., V*

% SYDNEY, N.S.W. 2001

% \ AUSTRALIA. /’

* All confidences will be respected.

PETROLEUM

(eal) finance

Pacific Basin

Major Hong Kong Banking Group seeks a
Petroleum Finance Executive to develop its
technical capacity to service the growing oil
production and refining industry throughout
the Pacific Basin.

Candidates should be graduates in Geology or
Petroleum Production with broad practical
experience of onshore/offshore projects, and
practice in financial project analysis within the
oil industry or a finance house.

This career opportunity offers a high reward
package including base salary, substantial
■ profit share, housing and outstanding over-
seas benefits. (TW.239)

Candidates should write briefly and in confi-
dence' to the Managing Director, Executive
Appointments Limited, 18Grosvenor Street,
London W1, quoting reference. No identities
divulged without permission.

■ INVESTMENT manager

A prominent financial institution in Kenya wishes
to appoint an Investment Manager to run the
assets of its Pension Fund. Applicants should
preferably be Kenyan citizens and have both a
relevant degree togther with a professional quali-
fication, e.g. Associateship of the Institute of
"investment Analysts or of the Pension Manage-
ment Institute. Candidates should also have
knowledge of both marketable securities and more
. direct investment, e.g. property.

An attractive salary plus fringe benefits will be
offered to the right candidate.

jteplie* u m lull C.V.- should be sent to Sox A 7713
Financial Times; 20 Cannon Street. EC4P 4BY

men

: V\ Financial Controller

- _ wmfftnhle shio tena

This is an exciting new appomtiucm tor my ^ group within

subsidiary in Lagps and brought about ^ytter^ ^^ambitious and thoroughly

‘.EWSS *** *** tboush “*

financial management as well as for the build up ^ qqq net after tax. This

The remuneration package Is generous - art ^ bmagn
includes free married accommodation, car and driver, medical, pensi
schemes with excellentleave arrangement* ■ salary £25,000 +

ctoTwisht! to mate an tarly appointment. Applicants should therefore contact
me as soon as possible quoting R. a.

HI Robin RWhaHey

■ m INTERNATIONAL APPOINTMENT S (LONDON )Vt

' ' El

r '

Trading Opportunity

Switzerland to

onummonD sn

DRUmmOfUl 9t w lhe - principal European Subsidiary of a Major U .S. Coal

EVP °Th£ f now to appoint a Junior Trader who will report to the Senior

Management team.

* Exccudonanddocumcnta^on of sales and trading contracts.

* Prcparai ion of inland shipping, transporiaiionaiid financial documents.

* Foreicn exchange transaciions. .

* Assistance in negotiations at a local level with finance houses.

* Some customer liaison. . ..... -

Annlicanls seeking a responsible position with development potential, will itofly

be agedTn tSr iote 20'f t o early 30’s and have sound commercial experience gained

' French is essential and a knowledge of Spanish and German would be

^ ^oaprfv please xmte attaching a full resume, indicating current salary level and
quoting reference 5565 to M J -R- Chapman.

Lloyd Chapnvatv
International

ISS Nw Bond Street. LomlonWIYWHi 01-4597761

Regional

Financial Controller

US $45,000 + substantial
allowances &benefits

Lagos, Nigeria Permanent staff status

The international division of a leading US pharmaceutical company requires an
accountant to join its expatriate stall, based initially in Nigeria. Products are
manufactured and sold in Nigeria and elsewhere in West Africa, producing revenues
of over $30m. The company is expanding both internally and into new markets.

position is far broader than this lunction. demanding a conmouuon in <aica».
Candidates must be qualified accountants, over 30, with experience of working
overseas. Knowledge of the pharmaceutical industry and familiarity with company

secretarial procedures would be advantageous.

The'benefits package is excellent, more than matching that offered by the majority

of multinationals.

Please reDlv in confidence giving concise career and personal details and quoting
Ref. ER524/FT to P.J. Williamson, Executive Selection.

A A A ■ Arthur Young Man*gam«ntSttvica«

A RottsHou**, 7 Rolls Buildings

▼ Vy7 Fottw Lana, London EC4A 1NH.

A member ot lhe AMSA Group in Europe
_ and of Arthur Young Inlefnjiional

SENIOR

PORTFOLIO MANAGER

GENEVA

Our International Trust and Investment Division., established
in 1972 and operating in seven locations worldwide, requires a Senior
Portfolio Manager for its Geneva office, Boston Investment and Financial
Services SA.

The position will entail the management of equity anti fixed
income portfolios for private clients. Applicants should have at least five
years' experience in international portfolio management, a thorough
knowledge of the major equity and bond markets a proven record of
success and a valid Swiss work permit plus fluency in English.

Salary will be commensurate with the responsibilities of tine
position and experience of the individual.

Applications should be in writing to:

• s Ian Eaglestone,

1 1 Vice President. Personnel,

f L(4 S£f?l The First National

f ) Bank of Boston,

V 1 7 8 4 J 5Cheapside,

V ' ^ London EC2P 2DE

Financial Times Thursday 'January 7-1B82

Hong Kong

Our client, Modem Terminals Limited,
operates one of the world's most advanced
container terminals offering a seven- day 24-
hour service with on-line computer systems
support. Employing 1,250 staff, the company
handles over 550,000 containers per year
for more than 30 shipping lines. The present
Managing Director retires in June 1982.
Day-to-day operating of the container :
terminal is highly profitable and ably
controlled by the existing managementteam.
The Managing Director's main contribution
will be, therefore, to develop and expand the
business further- a role which wHI reqiire
vision, pragmatism and leadership of a high

order. He wiH travel extensively and negotiate

at an international level. He waj report to the
Chairman and have full authority for
implementing agreed policies.

Candidates should possess a sound
Knowledge of in-port cargo handling or be

Container Terminal

.abtetodemonstrate'apco^ ■

managerial achievement In a high pressure
related working environment involving
transport and distribution. Engineering,
marketing and financial expenence would be
art/antageous and previous exposureto a -
muttf-cdtural environment is soi^ht. The
appointee (age about 40) must be able totake
up the post, at latest, by May 1982.

The rewards are significant and cohdtions of
service include a house, car, six weeks w .
annual leave, first Class travel for the Mj!

education allowances and other fringe
benefits. The maximum salary tax in Hong
Kong, is currently 15%.

PA offers you complete security and initial
interviews wHI be conducted earfy in February
1982. Applications, giving the fullest possible
Information plus a copy of a recent
photograph, should be forwarded, quoting -
Ref. HKiei6/KFto:

PA Management Consultants Ltd.,

12th Floor, Shell House, 24 Queen's Road, Central, Hong

A member of PA International

France

c. FF 190,000

Our client is □ major international contracting and construction
compcmy who are lecding specialists in the offshore oil and gas industries. .

This is a new position reporting to the Direclor in charge of a fast-
growing Division offering specialist world-wide installation, contracting and .
operational services. The Financial Controller will take full management
responsibility for the Division's development of financial control, management
information systems, contractual credit control and play a leading role in the
Division's growth plans. .

Candidates aged probably 30-40 will be qualified accountants and
ideally have sound international financial management experience' gained
within a contracting or engineering environment. Proficiency in french is nof
essential. .. ■

Candidates should apply in confidence with full personal details
quoting reference number 2015/FT to:

Management Consultants • Executive Search

Corporate Resourcing Group

London Business Cenfrej 77-79 WeikSfreet London W1P 3RE.
Telephone: 01-580 5522. ■ : —

: Around £26,000

Gnr client is a highly presttgeous and diversified graup’with substantial

There are' two appointments'. The first will be responsible for ail
finanriaLand accounting functions of a medium term construction.

group : ; _ ; : ■

Thesecond is an assistant controller for a My migrated commercial
subsidiary and will be responsible for cost control, budgeting* cashflow,-
'iubrirhiy reporting etc; : '

Candidate who should be qualified accountants or business graduates

Ease experience is desirable.

Thereis a negotiable tax free salary and benefits include free bousmg* v r
transportation, medical and paid airfare etc.

. Please write-in confidence-dt telepHone (01-730 0255) to G. E. Yazigi *■'
refr B.1I11-33. .

M5L middle east

Management Selection Limited
International Management Consultants •

52 GrosvenorGardens London SW1W OAW

CHIEF ACCOUNTANT

. .LUSAKA— ZAMBIA . c. £17,000 + House and other benefits

: lifts is an exreHeut opportunity for a capable and resourceful qualified accountant
1. to. sain.-. broad commercial experience and responsibility overseas.

.--.-Our client- te a; subsidiary of a major multi-national group involved in the
- importation and distribution of motor vehicles and equipment Reporting to the
-- general Manager- the Chief Accountant will be completely responsible for the
^acepunties- function. There will be considerable involvement in transferring
• systems -from a bureau to an in-house on-line system, financing and exchange
./ r : corifroL‘ - ■

' "An. 'initial two-year contract includes an attractive package with terminal bonns
.and substantial remittance facilities. House and car are provided free. Six weeks*

annual leave. with fare paid to the UJC.

.......... Applications to R. J. Welsh,

; Reginald Welsh & Partners Limited.

'•'J ’.j*-' . Accountancy & Executive Recruitment Consultants

i . 123/4 Newgate Street, London EC1A 7AA Tel: 01-600 33S 7

EMPLOYMENT CONDITIONS

ABROAD LIMITED ...

Air ' International ' Association “of
■EnipfijyB**- providing ' cOnfldanttei
Information to its; mem b.cr organise:
lions, not individuate^. r ala ting to

emoidymenr of expatriates and
nationals worldwide.

01-437 7604

<S>

ROYWEST TRUST CORPORATION
LIMITED

■ PORTFOLIO MANAGEMENT
-BAHAMAS

The Roy West Trust Group requires a Portfolio
Manager for its Investment Department in Nassau.
After a. period of orientation, the condidate will
become responsible-for the management of individual
trust and discretionary portfolios.

Probably a graduate in economics or business finance,
the candidate will have at least five years' experience
in portfolio management, preferably in the inter-
national- area, and be able to operate independently.

The post to be filled offers an attractive tax-free com-
pensation package which includes allowances and
annual return air fares for the officer and dependants,
pension plan, and medical,. life and salary continuance
insurance coverage.

Preliminary interviews will be carried out in London
and interested applicants should forward a full
, resume of education and experience; which wilTb'e
treated in the strictest confidence, to the Managing
• Director, Roy West Trust Corporation S A.. Lausanne,
\ P.O. Box 120, 1000 Lausanne 13, Switzerland.

\ • >

* The HoyWest.Group is associated with National Westminster

► P '

Bank Limited and the Royal Rank of Canada

' Small,; quickly growing American company,
; based in Luxembourg requires

an experienced

I TECHNICAL SALES
REPRESENTATIVE

:V-

•V-i

TO SERVE MAINLY THE REFINING INDUSTRY
Good knowledge in speaking and writing
of French, English and German is required

PLEASE REPLY WITH C.V. to MR. T. VAN DER PUT
CATALYST RECOVERY EUROPE SJL
420, ROUTE DE LONGWY
RODANGE (G-D. DE LUXEMBO

SENIOR FUND
MANAGER

Japanese Market

HongKongBase . : • £25,000++

Following an internal promotion, Wardley
Investment Services seeks a .senior. Fund Man-
ager with at least 5 years in-depth experience of
the Japanese equity, market Candidates must
have good analytical skills, the ability to develop
client relationships at the highest level, and- early
Board potential.

The successftil candidate will run the. importarit
Japanese Department with real' autonomy and
strong supporting team as part of a fast growing
operation with very substantial funds under man-
agement. The attractive package Includes free
accommodation, flexible house loan scheme,
provident fund and profit sharing. (WW.794) :

Candidates male or female should write briefly
and in confidence to the Managing -Director,
Executive Appointments Limited; 78 Grosfenor
Street; London W; quoting reference. No iden-
tities divuiged witho ut permission . ' . . ' ' ' ~

Oar New Year assignBients include:- -

Bermuda ’

Qualified Accountant* for Caplin Inaoranca Managemant. (Insurance
experience not a wen till.) SttjOttTtax free. Rex. U884- . ■■ ■

BAHAMAS

Iniernaiionally. ojegerienoad Portfolio Manage™. - Very otnarous
benefits plus .€15,000 tax- frw. Ref. 11895 ■ ... ■

NIGERIA

* ,w »«ior -Iwtel, Rsftud' uptrfericci. required

n . ipHXL . nel , LI 892

BERMUDA

«5 n iPSJS? nl . Accountant* (duslifiad) with, an expanding ' Bank.
$18-22,000 minimum plus benefits tax free. Raf. L1885

BAHAMAS '

Truit Officer* with' >tteir Bank truit experience or e Chartered
Secretarial background £15,000 minimum, tax fro*. ’ Ref: 1T896
for these and other excellent oppoHurtities
telephone Christopher D. Stock now on 01-481 Bill

BAAJkiiyG&AeramTAJvcr*
PERSONNEL "SELECTION

. UqMneM^IUnttJh^UWR^XimBHKEiariUL.

INTERNATIONAL BANK
-seeks

FOR Its: PARIS AGENCY

DEALERS

2 YEARS EXPERIENCE MINIMUM :

French language recommended •*’’ ...

Salary according »;ip ' eScpirijncp T
Please send C.V ami photo ref. JfiJ/W ft t oilJfU Publicity r /
- du Chateau - 94300 VINCENNES ; f

MANAGER

SRI LANKA

Walkens Is one o£ the largest companies operating in Sri
Lanka and is well established in engineering; and- trading
activities.

A Sri Lanka national is required to head the finance function
of the company and be a part of the new dynamic top
management team.

Applicants should be qualified Chartered Accountants with
experience of independently managing the finance functions of
a large establishment and should be around 40 years of age,
he should be able io control the company's finances, effectively
liaise with our bankers, implement new systems and motivate a
large number of personnel This is a senior position In the
company, reporting directly to the Chief Executive.

Salary and fringe benefits will be very attractive and will
include a company car.

Applications will be treated in strict confidence and should be
sent with full career and personal details (including telephone
number ) to:-

Box A7705, Financial Times
10 Cannon Street, EC 4P 4BY

INTERNATIONAL -
MONEY BROKING FIRM
BASED IN PARIS

is looking for its international division
for an efficient and experienced

Deposit Dealer

in Euro Currencies ’■

Please send cv to:

CENTRE- DE PSYCHOLOG EE ET D’EFFICIENCE
17, rue ties Acacias, 75017 Paris
. mentioning Ref: 1384

CLASSIFIED ADVERTISEMENT RATES

.EFFECTIVE JANUARY, 1982

Single
Per. column

Itne - cm

£ ■ £

8.00 , 27.50

6.00 20X10’

S.50 . - 28.00

8^0. • 28,00

Commercial and Industrial Property
Residential Property
Appointments

Business, Investment Opportunities
Businesses for Sale/Wanted
Personal
Motor Cars
Hotels and Travel ■

Contracts and Tenders
Book Publishers ’

. Bremium position available
. (Minimum size 30 column ems)

. - £6;00 per single column cm extra

For further detaUs.icrite to:

- Classified Advertisement Manager ‘
Financial Times, 10, Cannon Street, EC4P 4BY

S.50

6.00

6.00

6.00

8.00

29.00

• 20.00

- 20:00

20.00

'27^8

net 12X10

for Whitbreads

Mr Lionel Boss is to join the
board ■ of WHITBREAD AND
COMPANY, as .finance director
April 1- when. Mr Andrew

on

qjp CIVIL ENGINEERING
CONTRACTORS.- . Hu' will take
office on May 11 .when MfrJFhfliji
Beck/ of Mowleui, becomes
chairman.

Three' directors, have bem

Mf Oytirian retires. Mr Ross joins
Whitbread from Allied Suppliers

sere stlstsss

director since 1B68.

*

ORB & PARTNERS. (UKL. .
w: CL White becomes dirwrtor (S

Wolverhampton, and ‘ Barton
Aluminium Foundries, Birming-
ham. Both Mr Meldrum.and-JSfr
Moore axe directors of Barton
Group, and their appointments
follow the retirement of. Mr
Graham Sheldon from the group
board. ^

Mr Laurence - Kelly has been
appointed a part-time . member
of the MONOPOLIES AND
MERGERS COMMISSION. Pro-
fessor -K. D. Gedrge has been re-
appointed • for * further
three-year period from January
Mr Kelly Is deputy chair-

Dan combe,
in

Southern EuglamL

* t •

Mr Thomas E Saudte Eras h^en
appointed' managing director,
ELIZABETH ARDEN, UK. He
will replace Mr Herre . de
Champfieury, who is lea ving
Elizabeth! Arden to -^pn Tsmr hie
career outside tho.' co sme tics L
industry. -. ,r..^--= -

■Two assistant general managers
have been appointed at the'
UNITED BANK OF- KUWAIT;
They are .Mr Andrew Ripley,
formerly. : a’ senior financial -con-
sultant with -the Stanford

j5„ __

man of Helical Bar. Professor Research Institute, and Mr Ralph
George - has- -been Professor -of - jinlbert f rom-ljaxpent, Newton*
Economics at University College co, development' finance company.

Cardiff since 1973.

•k

Mr Mehael H. Marx has been
appointed financial director of
HERON CORPORATION. He
was formerly a partner in H. W.
Fisher and 'Co.,- one of the
company's joint- auditors. Hr
Alan j. Goldman who has been
financial director since 1974, will
be .assuming , wider responsibili-
ties and remains a director of
Heron Corporation and. financial
director of Heron International,
the Group's holding company.

■ ■ - • •

Mr C. W. Sparrow has retired
from the board .of DANISH
BACON CO. and Mr D. K. Hughes
has joined the board. -

Mr David I. Wood has been
appoint ed t o the board of J.
ROTHSCHILD & CO.

Mr W. Ford has been appointed
a director of BROWN Sc TAWSE.
Mr E. Hartley has been appointed
a director of Brown and Tawse
Tubes.

.

Mr K E. Cunningham has
resigned as a director and secre-
tary of OIL AND ASSOCIATED
INVESTMENT TRUST._ _ _

Mr V G Robertson has been
appointed a member of the board
of the COMMONWEALTH
DEVELOPMENT CORPORA-
TION, for three years, from
January 1. He was managing
director - of Hunting- Technical
Services until 1977.

. ★ , . •

Iflr'J. R Wilson has been ap-
pointed finance - director of
TRAVIS & ARNOLD. He

' — r

Mr Garbtit Jones has Joined
REDLAND -as group treasurer.
He was with Conoco as trewaxier.

air J: W. Frasmy Mr M. T. Coal;
ton and Mr T. XL. Bruce have been
appointed' directors 'of .LESLIE
XANGTON HOLDINGS. Mr A. R.
Clare, Mr R. W. Clifford and Mr
B. B. Pearson ha^ been ap-
pointed directors .of Langtbn
Underwriting Agents.

• '.- -■*•••.' ---I:'-

Mr Stephen Brandon atuT Sr
Michael Mire' have been; elected
principals in the London office dS
McKINSEY&CO.-

, 7*

ftfr Brece Alvis, who joined the
LONDON TOBACCO COMPANY
as production manager when, it
was set. up 16 months agb, has
been appointed to the. main
board. •

- SCIENTIFIC AMERICAN has
appointed Mr Roy Edwards' a?
UK sales direct or.. -

Mr A. Cheethain, group man-
aging director o£ Stothert and.
Pitt, has been elected president
of the FEDERATION OF4*ANU^
FACTURERS -OF CONSTRUCT
TION -■■- EQUIPMENT AND
CRANES. Mr K. J. Parker,
chairman, . Frederick ■ Parker
Group, . was appointed . deputy
president and Mr- V. Canham,
home >3105 -.‘director,."- Cotes
Cranes, -was appointed -.vice
president: ." V

Mr Tenyr Wright lias been
elected: to - the’ -board of ; VEBl-

succeeds Mr IL ■ F.- Garnett • who , MONT RESEAR^.Leathe^e^i
retiring:' ^ . . ais technical .director." - . : ' "^5

Mr T- W. Stafford' who |0ined_ NORTH AMERICAN. HEALTH
the Society as a junior office boy & INVESTMENT CORPORATION
in 1927, has been appointed jjgg appointed Mr.Melvyii Lux as

c hairm an of SUNDERLAN D AND
SHIELDS BUILDING SOCIETY.
He succeeds Mr A. 6. McLellan
who win continue to serve on the
hoard.

Mr John Eaton has been' ap-
pointed director of business
development by DYNO-ROD.

HILTON •

(MIDLANDS)

Barry Arnold, formerly executive
director, to managing director,.

. ■ \ ' '

Bfr K. A. Carter has been ap-'
pointed chairma nof -SEDGWICK
AVIATION in succession to Mr
A. Parry who, has retired. ■ Mr
Carter will continue as chairman
of Sedgwick Cargo. ' Mr' J. DL
Shapiro has . been appointed, a :
director of, Sedgwick Marine. • '. . .
. ' . *

Mr S. Hanratty has been ap-
pointed managing director -of.
SCANGLO INTETOJATIONAL, a
member .of the Myson Group. Mr 1
J. Conellan has . been appointed
works manager.

• ★

Mr Keith G. Han cox has been
appointed managing director oE
GEORGE COHEN MACHINERY,
part o£ The 600 Group. He will
be resigning as managing director
of Sambron, which he founded in

managing director and Mr Alan
M. Sloam as financial director.
The company .act as sole agent
in .the UK for Texas real estate
developers — Spring' Creek Invest-
ments of Dallas Inc~ ;

The engineering division of
DAN-AIR SERVICES, part of the ■

ADVERTISING . JSS-

has Dmmhfpri Mr re-organised ritr retnpr manage- -
has promoted air under Mr E. T. Evans, man-
aging director. Mr Ron Smith
beconies - deputy; -managing' -
director (previously engineering
director); Mr. Lea Crockfonl —
technical -director group techni-
cal manager); Mr. Guy Ruffle — -
production- director (engineering
-manager; Manchester); and Mr.
Michael EUls-^ecmuneFcial direc-
tor (commercial manager),

BRITISH ' FERMENTATION
PRODUCTS has- appointed Mr -
John Rawstonj fb ther board. The
company is the UK operating sub- -
si diary of. Gist Brocades, Delft
Holland;.: ? - .

-.Mr . Steve . Kenis has ' been
j^pp dinted'. managing director of'
WILUAM MORRIS,- AGENCY -
(UK). ' , ; *:• ; :

.:'Hr - •' /'"

Mr Richard,. A-- Bailey,. ‘ prfir ’

1971 as the UK subsidiary -of ~riousiy -'. managing . director of

Sambron, France.

-Jr

BRITISH CALEDONIAN HELI-
COPTERS has appointed Captain
Robert ML MacLeod to the hew
post of managing director.:- He
joins from BP Exploration and

Lily Indu^xies. , and. .UK, ..vice
president _of -LILLY INTER-
NATIONAL 1 -• CORPORATION,
has ;• been .v. appointed .;' vice
president - for. : Europe, - nasth
responsibflty. ' _ fbr '. Beitehrs,
Jraiiee,. Germany, Italy- ahd- for

Production where he is services European office hi London,
operations ' manager, based at : ' H e w iU reanain/amiaaiber of the
Dyce Airport^ Aberdeen:- Be wilt - EflUy :■ Industries

continue to work at Dyce Air. ,~Lnnltaa. The . new . managiM
Port. .... '. ' director Is Mr GaryJ. n»rfr ;

* ; relinquish^ _ bite . poisMoh as

Mr- Geoffrey W. Crote has-been. . director . af- inteniational' business
appointed .financial director ‘of Planning, ': LIUy i:Inte»inatianal
LONDON AND UVERPOOL 'Corporation. ’ ; Mu .W IDta^, E.
TRUST. He was. formerly a part- , White; ifcas been promoted to vice
ner in tiie Birmingham' office of ' Srerident Basdd fe Londoa, he-
Robson Rhodes, . ' Chartered : -.Will r be. j respon^bte 1 for tbose

accountants. areas of . Euro-^'. th& -Middle

„ „ r * Jast ^Africa. whw4i:'are' managed

Mr P. J. yan de Pol has been by, LiUj-'s iv offic«i..-„ikt JKime,
appoi nted managing director-.** -Copeuhagep ?hd Vi&nteL J
INDUSTRIAL AND MEHCAN- -■ " ' - . •' L *->Vr ; ;

TILE CREDIT INSURANCE- and- Mr' M. sW^&«fereed-'
nm£S r ; - ofv ' .Johnston .-^as = bs«r Jappoteted
;he retirement of . chairman and Mr j;X.^Gomes
^ ^ Vickers. . Mr Mfehael Da ^Sllva: managki^ .ifaxctor of

Germh remains chairman of In-' the ... new separate aviation
dustnal and Marpantile /Credit di vision of: GLAN*

Insurance.^ Mr R L ADen has VILL, Mr BrISSKfcrobnSan 1
heen^appoxmed chair^ nof Tn- has been^ ^ appointed tbe board

and Mercantile- Credit of'Jardlne GlmrilL "

dustrial

Management and Mr J, S. OTBreln
has been appointed maiiaziog
director. . -• . .

■ "k- ', ’ ..

Alan Morgan has been' Pro--
rr Jd vice - president,
FIDELITY BANK, He Is . mana-
ger of the- bank's' London
money, market center. Appointed

D - Linton and MraL' : K ; '
Hicks will - be joirring-ttie part-
ner^npofFRANK H. STATHAJT
•AND ■ SON/ stockbrokers,'
January 11. -

-on

credits

supervisors.

HAGREAVES

£S u :»is : as SwWS'

t£noou and Ms Susan Tocoek. Marsh ‘ loin

67 'Nicholas Talbot-Smlto" r and Mr

loan : administration Peter Trend, beewne ^w^

mental -.. directors; frojji •'

January 1 y 1982' Mr Richard
Arthurs, Mr^Roipl.d. Breeze, awd
if r jeerin'- Donoyan become.^'

assistant directors.- -. 1 >

•• ‘ 'Ur’-.r "■

Three ^ diyfekmal
.ffiredw-- Mr/rC; G; Bnrtm^fe
p.-s. 1 and Mr J. Tasflad.v.,
toge&ec r-Btf Meredr;.an4 ■

^ ■. tntve “/ badn ;

agofrmfod : : 'to: ‘ tbe:-;

Iffr A. G, L. Alexander has been
chairman of 1 BEREG
GROUP following his . appoint-
ment to the board. Mr JD. J.
Snawdon also became-a director.

■ 5^- Stapleton remains . man-

aging director of the company'.'

ames^Steyen «m, of Balfour
Beatty, is to be tfie next-rire-*
chairman of the

^DERATION

■Hi

.*#&*

■.$£l ; }:^

:*s*. wt****-

*uarv -

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tot : ' ;

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— ■■ •33?

:?'- i'. I *»*

v, MB

■ Men. IXiO- The Bardy Bco'S'ajtd'
ihieNsncy Drew Mysteries.^lW^ £

- jaa News After . NwW. ; ;. li» .

Pebble MW at 'One. . ; 1^6-King: •„
' Holla. ; L50. V-32W--

•-• aJanniK - tPhc ■..'. Barofttlr 'WfinJd :
Doubles , Championship, from
Birmingham. 33* R«fopal Hews-
for England. {eacceitf; Loudon). .
' '&S5 Play School. 4ifejlarir^l and* '
Hardy, cartoon; -;.43S Jacranoiy.'.
440 Huckleberry, Finn and His
Friends. 5.0$ NBfcfSrDund. SJLO
^BkmT.eter. V ;

t fe 840 NewBl-Vn--
Sc 6.00 Nationwide. '(London and
r ' SoutitEastpoIy).

; 435'NatiqlW^e. ^ **• ' . *

P ?JOO Tomorrow’s ' World.'

' ' 735 Top' of.' the P,ops.. r . ’ *
t SMB Wildllfe cm One.

830 Seconds : Out . starring
E l . "' ‘ 1 Rotjert T> Lindsay, Lee
t : ' Hpstastje and Ken Jones.

f W» Netre. : . V.- ‘ '■

£ r P35 Shoestring: .Flnst of- ten
fe programmes : starring
Jr-.;-. , Trevor, &rei - " ■

&J030 Tennis: . ■•■ The -• Baixatt
g:-i , ' ^Vorid Boubles Champion-

S^Ttr i ridp^-biighlights . of this
v eyen hi g's : jday. . •

I J128 News Headlines.

1 11-30 -Now Get Out Of That

7 1982

TELEVISION

Chris Dunldey : Tonight’s Choice

% - ■

ajl the world no group of men seem to me so astoundingly
ntwre, extraordinariiy altruistic, or whoHy adsairsddo w Britain's
■vnluteer-lifeboatmeiL- tVSien younger, reading' ahbut the exploits
of their Victorian forefeears. made me cry, and this .winter the.
‘tragedy of the Penlee boot 4s surely enough to make anybody
cry. . -How gratiftrrng then, to find. BBC-2 launching a six-part
drama series called Ennal’s Point which has the lives of a life-
boat crew at its centre. But how ominous to find it scheduled
for 830 and the producer quoted as saying that what it is not
is “an action-packed adventure series about fearless men braving
■the elements against .toaribleodds.” Why not? The BBC cannot,
sandy, have sunk saHwrasto use a lifeboat in the same way as
yon might use a motel or haulage firm as the excuse for a soap
opera? What a dreadful thought; we shall. know tonight
That Is foamed ty the- News Summary and then, a pro-
gramme for all those leaders, listeners and viewers who write
so assiduously to. journalists whenever a word is— in their view
—misused: The English Language, lit tells the story of the
origins and developments of the language from obscure begin*
irings in the Law Countries.

AH - IB A Regions^ as London
; eic^t at tiie followlng tlmes:—

4fv. : ■•■:•'•' ANGLIA; ^;

■1inO .Bth.JDS SO.’. 11 .28 Past Maateia.

■ 1JD pin ArsHb News. ~ 2M Not For
..Woomh'- Only.- >4^0' Vicky tho Viking. -
44S'Thh FHnbor Actvenrurss of Oliver
Twist. ' 6.15 Abba: Wordo and Minlc.
aoo. About Anglia.- 630 Arena. SA6 '
Crossroads. -11.16 Tha Madicina Men.
■1TAS Hagon, 12.40 am Tho Council rtv
Bttsalion. y : ......

J r: BORDER -

IT; ATm tany tha Lamb. 11.10 UttiO-*
House ah tho Vraifla. 12D pm Border
Nows. MB 240- Robert. 6.00' Look-
■round - Thursday. '- 6.35 Cresarcads.
T1.T5 .Tha. Medic&io Man. 11.45 Bandar
Nbwb Btnnniaiy. -

. - CENTRAL

* 11.00 am Vikings of tha Sanrin.-.
TIJSO , Europaan Folk. Tales. 12.30 pm
‘A Nsw Kind of .4 = amny. T J20r Central
'NeSwa. 4.20 Frva Weeks in a Balloon.
£.15 Here’s Booms r. '6.00. Crgssraadsv
£25 Central. News. 11.14 Tha Medicine
Man, ’ 11J45 Central. News. 11 .30 .Dear .
patsethra.

L-. -CHANNEL

’. IJD. pm Channal- Lunchtima Nows.
What's On Wbara -and Weather. 5.20
Cremirmda. 6; 00 Channel Report. 8.35

- fSV Stereophonic broadcast
•’V ■: /’ . i.Medkxni .Wave

- ^ RADIO I ’•‘X

5'.00 >m r Aa Radio 2.7.00 Mika Read.
.0.00 'Siinbh’ .IIJO Dave ;Lea

- Trsvia. 2to- pm i*8ul Bihnstt. 3.30

Stave Wrlgiiti 5.dp.F«»Br TowelF. ' -7.00
The -Record PVo'dttcera; 8.00 Richard'
-SkfihMC TOaWiOO Jahn > Peel (S)i -.

-. : -;>-; 'HADioi ;

- &O0. am Sieve Janes fSJ. 7.30 Tsrry
Wbgam.fSJf WW» Jimmy Yauml. (S).
1Z00 John Ourm (S). 2.00; pro Ed
Stawert fS)V 4J» : David .Hamtitop- (S)„
645 -Naws; Sport , eno David Symonda.
wrftb - : Mach Mow iMusic .481-.' . »•«>.
Coahtiy Club- (SV AOO -Almr :Dall;witb
the.Bto. Band Sowid. VSJ. 10.08 -Tha
Spinners arfd firRWrf«. TlK30..Star.Sbui»d
Extra; 11.00 Brian- MaUhawwith Round
Midnight. . era Tjruokara- Hour (S)

'i. V ‘ : '. ■ * ' . ' • , • .

11.00 am .Floy; SChuoL
12,00-105 pm.Opcn University.
340 Termfc: . Barratt World
Doubles. Championship.
5.40 Ail CrcRturts Great and
■ SraalL •

640 Eon^l's Point.

TJto iSsws Summary. .

WtiatTa On Where. 640 Taka -Tuckar-
nian. : 928 COanaT Laia - News. 11.15
The Madfctae- Man. 1145 Tha Jazz
Saues. wWv^-Oob. Lusher. ' Kenny Baker..
Brian Lemon. -Lonnie Bush and
Bonnie VBxreU. 12,06 tm News and
Wmrtiwr.ifl Fnndi.

^ GRAMPIAN

92B am First Thing. T1 .00 Sesems
Sweat- 120 pm North News. 420
Tha FWnB Kiwi. 445 Sport Billy. 5.15
The- New Feed and Barney Show.. 6.00
, North Tonight. 620 Police News. 625
Crossroads. Tf.15 The Madicina Men.
1146 Spacbd Letthaan, 1240 Living snd
' .GnMvfng. '1220 am North HesdHnas,

.GRANADA

li JOO am Sasama. Street. ,120 pm
bran ads Reports. 420 Horn's Boomer.
4.50 UttHi House on tha Prairie.' 6.00

- Granada Peporw. B2S This Is Your
.Righn- . 620 Crossroads. 11.15 Tha
Madicina Men. 1745 Whet the Papers

■ Sej- ' lino Police Surgeon.

HTV

..ILflaam Chips. 1.20 pm HTV News.

- 2.00 Not For . V/oman Only. 420
Palmeratown' U.S.A. 5.10 Jobline. 6.20

' Crossroads. 6.00 HTV News. 620 Our
TneraidRMa.; World. 17.15 The Madicina
Men. 1146 Lou Grant.

HTV, Cymru (Wales — A* HTV Wait

- except: 'T 220 Poli A Pili. 12.06-12.10

7J^ The English Language.
8J5 One Hundred ..Great
Paintings.

8J2S Maestro.

9.00 Russell Harty.

955 Dancing Girls.

10.45 Newsnight
' 1X30 The Old Grey YniisGe
.Teat-

LONDON

920 am Schools Programmes.
11.00 Young Ramsay. 1150 The
BubbUes. 12.00 LitUe Blue.
12.10 pm Get Up and Go! 12-30
The Sullivans starring Paul
Cronin and Lorraine Bayly. 1-00
News, plus FT Index. L20
Thames News with Robin
Houston. 120 Take the High
Road. 2J0O After Noon Plus
presented by Judith Chalmers
and Trevor Hyett. 2A5 Love |
Among the Artists. 3.45 Three 1
Little Words. 415 Dangermouse.
4J4) Little House on the Prairie.
5.15 Take the Stage.

5.45 News.

&0D Thames News with
Andrew Gardner and Rita
Carter.

&30 Thames Sport.

7.00 “Ryan's Daughter." star-
ring Robert Mitcham,
Sarah Miles. Trevor
Howard and .Christopher
Jones.

9.00 News.

9.30 “ Ryan's Daughter " ^con-
tinued").

1105 The Monte Carlo Show:
Patrick "Wayne introduces
guest stars David Esses
and Debbie Boone.

1200 am What the Papers Say.

12.25 Close: Sit Up and Listen
Listen with Steve Race,
t Indicates programme In
black and white.

BUSINESS LAW

- ..-cr-

Swiss banks’ hidden write-offs

BY A. H. HERMANN, Legal Correspondent

pm Calimero\'-'4.i5 , Th6atrB Box." 4.45
Sflf. 5.10-520 The Undoraea Adven-
tures of Ceptiin Nemo. 6.00 Y D>dd-
6.15 .Report Wales. 6.30-7.00 Spans
Arena. 11.15-1145 it All Goes to Show.
Burring Arthur Lowe and Bill Maynard.

SCOTTISH

11.00 am Corgi World. 11J50 Adven-
tures of Ps relay. 120 pm Scottish
News Headlines and Road and Weather
Report. 120 Money.Go-Round. 4.20
Palmeratown U.S.A. 5.15 Pet Subject.
5.2D Crossroads. 6.00 Scotland Today.
5.20 Body! mo, 6.30 Take The High
Road. 17.15: The- Medicine Me*. 41.45
Seachd LaHheon 1220 Late Can. 12.05
am Barney. MWer.

. : TSW

11.00 am The Eruption nf Mount St
Helens. 11.25 Target the Impoanblu.
11:55 Wattoo WVdtloo. " ‘1.20 pm TSW
News Headlines. 5.15 Gas Hopeybuii's
Magic Birthdays. 5.20 Crossroads. 6 00
Today South-West. 620 TnJe-Viows.
640 Take Tuckerntan. 11.15 The
ModicinB Men.- 1145 The Jasz Soros:
The Romtin Scott Quarter, trumpeter
Kenny Baker and trombonist Don
Lasher. 1225 em Postscript. 12.20
South-West Weather and Shipping
Forecast.

TVS

11.00 am Popeyo Cartoon. 11.10
Terzan. 120 pm TVS News. 2.00 Not

RADIO

,2.00-5.00 You and tha- Night and the
Music (S).

RADIO 3 . '

v 625 am Weathdr- 7.00 New*. 7.06
Morning Concert (S). 8.00- News. 8.05
Mom Lug. ". Concert ' (continued.). - 9.00
News. 9.05 This 'Week's. Composer:
Mendelssohn (S). 10.00 London

Croce OB nte.{S)-1045'i Mozart,

■ and, Liert gtano redial (S).-- 1125 BBC

■ Symphony TJrohestre- In. Hull (S.). /LOO
pro New; 145 Bristol Lunchtime

. Copcart : ,(S)'. • ZOO-3* to Rol Malgre
Lul "Upere-comiq.ua'- In thnre aero by
Chebrier (eung in/ French) (S).

5.00, Meinly For Flaaeuw (S). . 720

Prokoflev violin and piano recital (5).
7.30 “The Atheist Comody by
Them as Otway, adapted (or radio by
P«er Barnes (8). 9.15 Academy of

Ancient Music (S). 9.40 Words. 9.45
The innocent. Ear- (S). , 1020 Beowuile
ffduqA-df sis jeadjngo)*. .11.00. Nows.
UdS-H.TS A-' Sonata for Children (S).

RADIO 4

640. am News Briefing. 6.10 Farming
Today. 6 25 Shipping Forecast. 620
Today. 845 The Widower by Georges
Si me non- 940 News. M6 Treasures
and Trifles. -92? The tomtg-- World.
,10.00 News. 10,02 A Strok® Of the
Pen. 1030- -Daily Service. 1045

For Women Only. 5.1S Watch This
Space . . . Good News of the Week.
5.30 Coact to Coast- G.OO Coast to
Coast (continued). E.35 Crossroads.
11.15 The Madicmo Man. 11.45 The
Now Avengers.

TYNE TEES

920 am The Good Word. 9.2S North-
East Nows 11.00 Bailey's Bird. 1125
Friends ol My Friends. 11.50 European
Folk Teles. 1.20 pm North-East News
and Lookaround. 345 Father, Dear
Fathor. 420 Fsngtace. 4.45 Tarzan.
G.OO North -East News. 9.02 Crossroads.
6.25 Northern- Lite. 11.15 Chock It Our.
11.45 The Modicinc Men. 12.15 am
Man of Loyola.

ULSTER

1 20 pm Lunchtime. 4.13 Ulster
N»ws. 420 The Adventures of Black
Beauty. 4.50 Tho Flyinq Kiwi. 5.15
Gc-od Mews rl the Weel-. 5.30 Good
Evening Ulster. 820 Good Evening
Ui.aiar. C.Z5 Police Six. 625 Cross-
roads. 329 U Icier Weather. 11.15
The Mndic.no Men. 11.45 Bedume.

YORKSHIRE

11.00 am Thundcrbrrds. 11.55 Waftoo
Wettoo. 120 pm Calendar News. 420
Sport Billy. 4.45 Little House on the
Prairie. 6.00 Calendar (Emlay Moor
and Belmont editions). 6.35 Cross-
roads. 11.15 The Medicine Men, 11.45
Ladles' Man.

Morning Story. 11.00 Naws. 11.05
Rastafari: Black Redeemer. 1120
Enquire Within. 12.00 News. 12.02 pro
You and Youra. 12.27 Never Too Late
(S). 12.55 Weather? proqramme news.
1.00 The World at One. ' 1.40 The
Archers. 126 Shipping Forecast. 2X10
News. 2.02 Woman's Hour. 3.00
. News. 3.02 Afternoon Theatre. 4.00
Home Base. 4.15 Bookshelf. 4.45
Story Time. 5.G9 PM: News Magazine.
5.50 Shipping Forecast. 5.55 Weather:
Pfoaremmo nows. 8.00 News, including
Financial Report. 620 Any Answers?
6.55 !t*s a Bargain. 7.00 Newe. 7.05
The Archers. 7.20 Handel: " Messiah "
concert: part‘1 (SJ. 920 Tha Hallelujah
Impact (talk by Maurice Lindsay). 640
” Messiah parte 2 and 3 (S). 10.19
.Weather. 10.20 The World Tonight.
.-11.00 A Book at' Bedtime. 17.15 The
Financial World. Tonight. 1120 Mrs.
Earle's Surrey Garden. 1220 News.

SPENDING THE' New Year in
Switzerland, one could not avoid
being asked whether, according
to the Financial Times' crystal
ball, iffie Soviets would pay the
Polish debts— snd asking in
return what would, the Swiss
banks do if they did not.

Not ifayt these questions
wo old generate any great Bow
of Information 'either way. The
Swiss banks do not say how
much they have lent to the
Poles. But some, I was told,
have already written off the
Polish debts without showing
this in their balance sheets. If
«hey Indeed did that they fore-
stalled the Swiss Banking Com-
mission's latest move towards -a
greater transparency of banking
accounts.

How can one" write-off a bad
debt of, say, SwFr lbn without
unduly alarming shareholders
and depositors? The answer is:
by secret ■ depHoyment of secret
reserves. The secret reserves
are created, of course, by
accounting assets at their his-
torical value. For example, gold
| bought in the good old days at
U.S^lOO per ounce is still
accounted for at that price.

When the need- comes— that
is. when, the .bank, or one of
its" debtors blunders— the gold
is sold, or perhaps only revalued
by a bectand-breakfast opera-
tion, at the present price- The
resulting profit is used to make
up the loss and neither the
profit nor the loss appeals in
the piibfished accounts.

There is a theory abroad to
Zurich that banks are to the
business of making both profits
and -losses but that- the sleep
of the simpte-inmded depositors
should not be disturbed by let-
ting them know about toe
second. ^ .

This happy state of affairs
received the seal of legality by
the - notorious Circular No 4
issued by toe Swiss Banking
Commission on December 4.
1975. Like any other country's
company law, the Swiss prohibits
hidden offsets of expenditure by
revenue but toe circular states:
•« An exception from toe prohibi-
tion of offsets can be allowed
only for the purpose of covering
losses and creating reserves for
risks of all sorts. ... It is our
view that banks, in toe same
way as other enterprises, may
use secret reserves as well as
current revenue to offset
losses.” . .

The circulars of the -Swiss
Banking Commission are not
law but -come very close to it
The Commission expects any
bank- that would not accept Its
ruling to notify toe Commission.
In such a case ft .would address
to toe .recalcitrant bank a deci-

sion against which the bank -
could appeal to the Federal I
Court. It is not known that any
bank has protested ag a i n st cir-
cular No 4.

Indeed, the Swiss hanks were
somewhat alarmed fas far as
the' Swiss are capable of such
a state of mind) by the
announcement that reached
them before the year's end that
Circular No 4 had been with-
drawn.

It will be replaced only after
a further exchange of views
between the Basing Commis-
sion and interested parties has
tiken place, and in toe mean-
time — that is when drawing
up their accounts for 19S1 —
the banks have to rely on the
law itself and its interpretation
by the courts. That might
have unpleasant consequences
if one was to take literally the
requirement of toe law that a
bank’s accounts should give a"
“true and clear” picture of the
state of its affairs.

The law requires that the
balance sheet and the profit and
loss account should ensure that
the interested parties receive a
true picture of the state of the
company's affairs. The Federal
Court said recently toast the
“ interested parties " include not
only shareholders, creditors and
debtors, hut also the public ait
large. It also ruled in another
case that subsidies which s bank
receives from a parent company
ito make good losses, have to be
shown. The court ind icate d that
the requirement of troth and
clarity in accounts has greater
weight Than the banks' desire to
cover up lasses.

The question now is whether
tills principle can he applied
also for the deployment of secret
reserves. Some Swiss authors
are quite positive that a secret
deployment, of secret reserves
is perfectly compatible with toe
law if used to make up excep-
tional, unique losses or a
temporary redaction -in profits.

To acquaint banks with its
thinking, toe Banking Commis-
sion has shown them a draft of
a circular which should, after
further consultations, replace
circular No 4. This makes it
clear that the Commission is not
against secret reserves. It
merely intends to restrict their
deployment to hide lasses.

In toe future, when secret
reserves are mobilised for what-
ever purpose, toe respective
amounts should be shown under
toe heading of “Diverse Income”
in the final accounts. This would
mean that to balance the
accounts top bank would have
to show also the losses. . Should
toe present draft of the new
circular be confirmed and un-

challenged in

lenged and upheld, toeuntomk-
ahle may yet 'happen- The Swiss
banks may actuary teave K>
reveal their losses including
toose in Poland, • if any* if not
already written off under toe
old rule.

Arter the Chiasso scandal,
when Credit Suisse was drained
by a couple of crooks to toe
tune of £440m, and a senes ert
smaller mishaps which occurred
recently— of which the unfortu-
nate silver speculation of the
Swiss Vclksbank is toe most
prominent — there is consider-
able pressure from public
opinion that some light about
current affairs, should be
allowed to pass through toe
banking accounts.

It is pointed out tost in the
case of the Volksbank not even
top accountants could divine
from toe accounts that the bank
had used already, in 1980,
SwFr 72m to cover its silver
losses and would need for this
purpose another SwFr 67m in
10S1.

In addition to secret reserves,
the fiduciary operations which
play an important role in the
business of Swiss banks of inter-
national standing, also contri-
bute an element of uncertainty.
In theory, the client entrusts his
assets for fiduciary manage-
ment of a portfolio at his own
risk. In practice, toe banks can,
and. do from time to time, get
involved in claims for mis-
management or over-stepping
of the client's instructions and

RACING

BY DOMINIC WIGAN

THE QUEEN MOTHER, whose
racing fortunes have sadly been
on a decline for several seasons
now, is likely to be more
anxious than most that today’s
Lingfield card can be given toe
go ahead.

In the afternoon’s feature
’chase there, the three miles
Weald Handicap, Special Cargo
is due to carry her colours while
in, the closing division of the
Horley Novices’ Hurdle she has
Master Andrew Ca present from
toe Jockey Club) bidding to
complete a double.

Special Cargo, easily the
Queen Mother’s most consistent
performer last season, when he
finished in the frame on all" his
seven appearances, has not been
seen out this season and there
must be a question mark against
-his fitness. However, it is
probably a smaH one.

Ten pounds below him in the

limits.

A bank can also get involved
in litigation on behalf of a. .
client . whose portfolio St
manages, particularly when the
basis of toe agreement is tout
toe name of the beneficiary
shall not be disclosed. Fortins
reason Dr Fritz LeutwUer. ■
President of the Swiss National
Bank, favours toe listing of toe
volume of fiduciary deposits in
toe annual reports, as is already
done by some banks. But many
banks keep this figure secret.

As their fiduciary business
equals in the case of seme
banks several times their
balance-sheet total, it is ques-
tionable whether their accounts
and reports come anywhere "
near to a true and fair picture
of their business involvement.

The pressure for a greater
transparency of Swiss bank :
accounts is likely to increase
still further if the European
Community adopts the EEC
Commission's draft directive for
the consolidation of reports on
EEC-wide operations of banks. '
This directive should give the
“home” state of a hank the
possibility to supervise its
activities throughout the EEC.
Where banks have business out-
side of the EEC the draft
directive expects member states
to enter into bilateral agree-
ments with non-EEC states on a
reciprocal basis.

However, the EEC _ draft
- directives take a long time to
become law. The Swiss have
plenty of time.

handicap is another equally
consistent sort in Sea Captain.

With benefit of a recent out-
ing at Kempt on, where he
showed up vrell for a long way
in the Fond Handicap, behind
him, Sea Captain may just bare
toe edge over Special Cargo, in
a race in which toe remaining
three, Earthstapper, Laaken and
Abo cannot be ruled out.

Master Andrew, a fair third
at Hexham on bis hurdling
debut last antumn. produced by
i far his best form to date in
; beating Lord North at Warwick

> early last month and it will be
: disappointing if he cannot

> follow up.

The Tote reports backing for
t only Donegal Prince and Bee
r Sting after opening a book on
their two-and-a-half mile Tote
i Northern Hurdle at Haydock on
t Saturday. Their other prices
s read: 8-1 Cornering, 10-1 Baron
» Blakeney, 10-1 Galway Blaze
i and Hadajar. 12-1 bar.
i . LINGFIELD

t LOO— Mon’s Beau

s 2.80 — Holemoor Star* t

2.30 — Sea Captain** 1 * .*•
i 320 — Master Andrew**

. MeCorirad
fbdi»r Astronaut
. SenSorVfee-nBSfdent
DOUS^^^.Comparv

•forhwfiiGileiBdency,

WBtefBttihowris^eis--

Bewflyautagfonowlng

~&raraswSiper4(r

“TbuIItiBOdei planes when I was a youngster including ‘DC 1 airplanes
McDonnell Douglas built nearly fifty years ago. My enthusiasm for
flying-and for flying machinee-has been graving ever since.

•^e dreams of youth are the same as I once hacMftey want to fly, '■
tobe apart of flying/The commercial heritage at McDonnell M /

Douglas is olderthan t am. Fbr fifty years we’ve been building A9CDOJVfVO.f
commercial aircraft Our famous tradename *00* means DOUGLAS (3*

‘airliner* io millions throughout the world-Toda/s DC-9s and
DC-IGs will be followed by new planes to help cany the people
of the woridas we progress toward a century of budding air
transports. •

“So keep painting our name on the models you build, Carl. And we’ll
keep building new models to make air travel safer,, quieter, swifter
andmore plessant-planes for young people likeyoutobuilddreamsonl 1

Financial Times Thursday January 7 19S2

THE MARKETING SCENE

Ihe year ahead: grim in whole , or just in parts?

BY MICHAEL THOMPSON-NOEL

marketers must hunt for value

THAT WITH phantom meteors
ver Nottingham, and the
easonal reappearance of the
udge-nudge, suggestive-diges-
ive, type of telly commercial so
e!oved of the holiday trade, it
light be thought that the UK
dvertising business had
uffered such a creative blow-
ut over Christmas that it was
eiuctant to face the New Year.
That is by no means so, for
,'hile 1982 is likely to be grim
a parts for the marketing
ratemity, the broad-scale view
i that by the second half of the
ear. advertising expenditures
.111 be bubbling nicely in readi-
ess for the consumer boom
onfidentiy expected in 1983. _
Even the Advertising Associa-
ion, a body noted for prudish-
: ess when it comes to foreca st-
ag, recently frisked up its heels
nd announced that from the
econd half of fhis year, the out-
wk was grand.

First, it revised its aims so as
o project a cash gain in total
dvertising expediture (display
Jus classified) last yeer of 10
>er cent — an anticipated fall, in
eal terms, of only 2 per cent
•uch a gain will have taken the
dvertising total to around
2-82bn.

Second, it said that advertis-
ag expenditures looked set for
return to real growth from
he second half of 1982.

Finally, it predicted a “ best-
ear-ever ” for advertising in
983. with display expenditure
caching an all-time high in
ext yearis third quarter.

In the AA’s view, total
dvertising expenditure this
ear is likely to increase by 14
er cent while expenditure next
ear will rise by an estimated
5 per cent — anticipated gains,
a real terms, of 3 and 5 per
ent respectively, which ought
o be good news for agencies
nd good news for the media,
f not for manufacturers of
scond- and third-rank brands
truggling to keep np.

This is not a universally-held
iew of possible developments,
'or example, the Henley Centre
or Forecasting said this week
hat it had become convinced
hat the depression in consumer
pending that it expects would
ee "deflation of the advertising
nibble” in 1982, and that it was
jossible that the never-hadrft-
o-good days were rolling to an
■nd. (Quite what this meant it
vas impossible to be sore, but
lenley did go on to warn that
he communications industry
hould at least prepare itself
or harder times.)

At the J. Walter Thompson
igency, chairman Jeremy BuJI-

Campaign’s Top 20 UK Agencies

Agency

1 s?atrhi and Saatchit _

2 J. Waiter Tfaomps onf

3 D’Arfff-MacMaims and Marins

4 MeCann-Erickson

g Ogilvy and Mather

6 Collett Dickenson Pearce '

7 Foote Cone and Beldingt

5 Young and Rnbicam

9 Alien Brady and' Marsh
IP Doriand

11 Ted Bates

12 Leo Barnett

13 Boase Massimi Pollitt

14 Geers Grossf

15 Lintas London

1 6 Benton and Bowles

17 Wasey Campbeil-Ewald
IS Doyle Dane Bernbacfa

19 Grey Advertisingt

20 Davidson Pearce '

mi

billings

<£m)

101-20

96.10

88.00

76.54

7L40

60.69

56.00
52.36
50.32
4&00
43.61
42i»
39J3Q

34.00
33.50
33^2
33.20
3L25
30.42

30.00

1980

billings

(£m)

83J)0

82.50

75.00
74J7
6130
6L61

45.00
46.41
39.12

38.00
39.64
3&40

32.20

24.00
3L20
2899

35.20

27.05

22.10

28.00

% gain (fall),
1981 on 1980
2L9

16.5

17.3

2.1

16.6

(U)

24.4
12JS

28.6

21.1

10.0

11.7

22.0

41.7
7 A

15-3

(5.7)

15.5

37.6
7J.

Staff

(previous

year)

540 (530)
500 (511)
454 (449)
415 (436)
339 (378)
237 (271)
291 (282)
301 (315)
304 (253)
260 (250)
224 (237)
235 (235)
192 (190)
125 (102)
183 (182)
211 (206)
202 (253)
169 (172)
136 (1 12)
167 (167)

t Notes:

Snatchf: London biffing onto Manchester not supplied. JWTz London onto Manchester reported separately. FCfi: Includes
Park Advertising and We I bock pr. Goers Grass: Includes Geers Gross West, form arty Browne's. Gray: Includes Lean
Lerner. bought August 1961 (1980 billing: Cl 4m). plus Gray's Glasgow.

more, who is also chairman of
the Advertising Association,
says that "the crucial factor is
whether there's going to be any
reflation. That is bound to in-
fluence events from the second
half of this year — though not
before then, and maybe not even
then.

“The second factor will be
last year’s profits levels. If
advertisers simply haven’t got
the money, they are bound to
delay their re turn to more
aggressive spending levels,
whatever they of adver-
tising’s worth-

“ And their profits, let it be
said; will depend on whether
they’ve got their total market-
ing right: whether they’re
se lling the right product in the
right place at the right price.”

As for agencies, says Mr
Bullmore, they are increasingly
going to find that the need to
secure some indication of
advertising’s value mid return
on investment is becoming more
acute.

Had the end of fixed agency
commissions produced a blood-
bath of price-cutting? “I aim
far from certain,** says Mr Bull-
mere, " as to how much of that
is going on. After all, some

Jeremy Bullmore, chairman
of XWT: "Advertisers must
decide exactly what it is they
want"

advertisers see their agency as
an overt extension of their
marketing department, and are
happy to pay for whatever
services are rendered. Others
just want advertisements — not
marketing advice. An advertiser
has got to decide exactly what
it is.he wants.”

At Young mid Rubicam, vice-
chairman. Michael Towssin says
he is generally optimistic, and

that there are "no signs that
19S2 will be in any way different
to 1981, which was a pretty good
year for advertising.”

At Leo Burnett, however,
chairman Dennis Barham says
he is “ fairiy pessimistic f-or the
economy as a whole, while the
si g n s for advertising are that it
will be just as tight a year as
last."

That hardly worries him, for
Burnett’s already has £15m
worth of new business in the
pipeline for 1982, which means
Burnett’s is already looking at
current year billings of more
than £60m. It has 27 clients,
every one of whom pays a full
15 per cent commission.

That Burnett’s has so much
new business already in the
pipeline is one of many factors
to be borne in mind when study-
ing the new Campaign agency
tables, published today, for they
are strewn with pitfalls.

That this should be so is
exclusively the fault of agencies.
Some of them pile all sorts of
PR and design and other fringe
earnings into their figures.
Others simply lie.

But if the figures for the Top
20 reveal anything— as indeed

they do— it is the depth of the
trouble Into which Interpublic
has sunk in Britain.

Interpublic is the world’s
biggest advertising concern, and
can derive no joy from the com-
bined performance of its three
London shops: McCaun-

Erickson, Wasey CamspbeH-
EwaM, and Lintas.

Lintas is the most stable of
the three, though its billings 1
growth last year, at 7.4 per cent, 1
was only half that of -the Top 20 ;
shops combined, whose total :
billings rose from a claimed 1
£914m in ' 1980 to £L05bn j
(+1^9 per cent).

As for Wasey*s and McCann,
the fault seems to lie not so
much in London as at Inter-
public, in New York, which
seems to operate miles up, with
its head stuck in the clouds.

Between them, Wasey’s and
McCann shed 72 staff last year,
bo £ then member agencies of
the Institute of Bractinners in
Advertising shed -a. total of 850
during the year. The total em-
ployed in IPA agencies is now
14,700, a 5 per cent fall on
1980, -which means the total is
back to its 1978 level. Most of
the losses occured in London,
where numbers employed fell
by 800 to 10.800. Nearly half
the losses were hr the EPA’s
“executive” category.

The most significant feature
of the agency year was the
marked success of the new-
breed shops, which not only
blacked the eyes of much
bigger, American-owned, rivals,
but made reputations for them-
selves on the creative f ro n t .

There are six new-look shops
worth -watching: Grandfield
Rork Collins, whose total billing,
inducting grossed-op fees, is
virtually £30m; Wight Collins
Rutherford Scott, which has
just passed the £20m mark;
Legas Delaney; Lowe and
Howard-Spink; Gold Greenlees
Trott, and Brignuli le Baa.

According to estimates by
Campaign, a minimum of £227m
worth of accounts changed
hands last year, which shoots to
ribbons the lugger agencies 1
claim that account moves, in a
given period, represent only a
tiny fraction of the whole.

Accenting to estimates by
Robin Wight, a founder-director
of Wight Ooflims. approximately
£60m worth of the accounts
that moved went to agencies
that did not exist three yearns
ago.

Thafs efaowbiz for you.

THE RECESSION -WITHIN-A-RECESSION

Another fall of snow on
top of slush and ice?

I THE SECESSION', as the
! Henley Centre for Forecasting
remarked this week, is old hat
' But in a fehertous turn of
phrase, it said that the current
pincer attack on UK real
incomes— lower pay settle-
ments and stubborn inflation-—
was producing what marketers
are experiencing as a "reces-
sion-within-a-recession — a
further snowfall on top of slush
and ice.”

small wonder that Henley, in
disc ussing short-range pros-
pects, ■ is forecasting some
marked volume reductions in
consumer . spending overall,
though precisely where the axe
will fail is difficult to say.

In Henley’s view, consumers
are becoming extremely choosy
in asserting new and current
priorities. “ If spending overall
declines diarply this winter,” it
says, “ then same sub-sectors
and markets will do very badly.
One can only speculate, but
some markets— posibly for
seasonal goods— may simply
fail to materialise. Already,
syndicated sales data suggests
that volume sales may now be
declining fairly sharply.”

Loss of confidence among
some market planners, it says,
could prove serious, while

adverfiang budgets could well

be cut . V .

It makes the point that heavy
de-stocking by retailers tended
to exaggerate Ihe true declines
in consumer spending in 1980,
though spending overall was
buoyant, while by contrast,
modest stock reductions now
may be wrongly interpreted,
and thus help to understate
true cutbacks in High Street
spending.

“As yet,” it says, "there is
little evidence of across-the-
board ' recession mentality
arming 1 consumers. But. as the
squeeze on real incomes
tightens, against a background
of mounting un employment,
recession, mentality may quickly
emerge in some markets. We
would certainly expect this,
given our consumer spending
forecasts.”

In -the specific case of food,
Henley says that the UK shop-
ping basket has changed in a
much more complex fashion
than that indicated by prelimi-
nary study of the latest
ge nerally-avkll able data, the
National Food Survey (second
quarter, 1981).

In its view, the key trends
include: a move towards

" cheaper ” meals, - continued

demand for quality convenience
foods, mixed performance of
snack foods, a respite for
canned foods, buoyancy of
frozen foods, more home-
baking, and a mixed pattern hl
dairy products. '

In the medium term, H enley
says that even with the upturn
in business projected for 1983-
1984, many features of the
current recession will persist

For instance, it reckons that
widely varying rates of price
increase, across different cate-
gories of goods, wBl persist, so
that over a five-year period-
marked changes in relative
costs will appear. *■

Markets wiH continue to
exhibit considerable change, it
says, both in t er m s of new pro-
duct launches, and of modifica-
tion to existing ones.

‘ Stable ’ markets, of a Mud ,
previously experienced, are a
thing of tiie past lifestyles
and aspirations are undergoing
a sea-change. Merely on
grounds of the overall numbers
in various -age groups, which
are set to change considerably,
demand cannot remain stable:”

Planning Consumer Markets it puS-
iishad quarterly by the Henley Centre
lor Forecasting. 2 Tudor Street. London,
BC4Y OAA (Ot-353 9961j. £500. ■

Airtime: IBA issues guide

A GUIDE to "sound and respon-
sible commercial practice” in
the area of sale and purchase
of television advertising air-
time has been published by the
Independent Broadcasting
Authority.

The aim. it says, is to “clarify
areas in which there have been
differences of opinion between
the advertising business and the
television programme contrac-
tors.”

The IBA makes dear that all
ITV companies should make
available for purchase — and use
their best endeavours to sell — •
the maximum permitted num-
ber of advertising minutes, at
published rates.

The companies are warned
that they are not to diminish
the commercial airtime avail-
able so as to harden advertising
rates.

Farther, the companies are
told that “the fact that an
advertiser chooses not to par-
ticipate in an incentive or share
scheme should not affect his
ability to buy any particular

available airtime at any pub-
lished rate.”

A statement of principles for
the sale and purchase of air-
time has been agreed by the
ISA’s advertising liaison com-
mittee, farmed last year.

Headed by the IBA chairman.
Lord Thomson of Monifiefh, the
co mmi ttee includes representa-
tives of the Incorporated Society
of British Advertisers, the Insti-
tute of Practitioners in Adver-
tising, and the Independent
Television Companies' Associa-
tion-

The system of *' pre-empt ”
ratecards — which allows a given
advertiser to pre-empt its rivals
by bidding more than they have
for specified airtime slots —
should be operated efficiently
and fairiy, stresses the commit-
< t&€-

“Subject to availability,** it
says, “advertisers should have
the right to select at what level
they enter the pre-empt struc-
ture, but this should not pre-
clude contractors from 'advising
on the element of risk foreseen.

“There should be adequate
cut-off points to avoid last-
minute pre-emption without ,
notice,” it says. [

The committee warns that *
advertisers should be allowed j
maafanmn possible freedom, of* :
ca n ceUaflcn : or alteration of
advertising schedules.

It also says that advertisers !
and thek agencies should be *
given the earliest possible notice ,
of any significant change in i
terms or conditions, or in the
structure of ratecards, and thus
an opportunity to express views {
and to comment.

“ Unless there is a particular *
need for confidentiality, M says
the committee, “contractors ;
shoukT promptly and regularly ,
supply such information about ;
the medium as will enable
judgments to be made of the {
television airtime market, area ;
by area.”

.The contractors enjoyed a ■
buoyant year last year, with net 1
advertising revenues of more |
than £600m. Prospects for 1982 '
are considered good.

TECHNOLOGY

EDITED BY ALAN CANE

Micro-package for the military

BY GEOFFREY CHARUSH

IT IS one thing to produce
the new generation of 16-bit
microprocessor, the so called
“sxrpenniero,” for use in
commercial digital equipment
— Intel, Motorola and Texas
are leading exponents— but
when tile militar y calls for
tiie same thing, the going gets
that much tougher.

These developments, mili-
tary or civil, are of consider-
able significance because they
mean that the power previ-
ously vested in the minicom-
puter but contained in a box
the size of a filing cabinet,
can now be drawn from a
single printed circuit card
card housing a microproces-
sor no bigger than a large
postage stomp.

Vial treatment

In the commercial market
place competition is keen to
produce low cost versions of
shoe-box sized machines that
half a dozen people can use
at the same time.

In the •militar y market
however, the emphasis Is
different In particular, the
devices have to be able to
stand up to physical maltreat-
ment that would be disastr-
ous for most commercial pro-
ducts.

The tiny computers might
find themselves aboard a

missile for example, which
when launched could produce
severe vibration over quite a
wide frequency spectrum
(due to the rocket motors),
possibly in conjunction with
very high or very lew temper-

atures. While in flight they
might have to survive the
hard radiation from a defen-
sive nuclear blast

But even before they take
off on their one way trip,
they will have to remain un-
affected by storage for long
periods in temperatures that
can range from arctic to
tropieaL

The military also has
specific supply requirements:
for national security reasons
it generally demands that
critical components be
"home” made.

In the UK, Ferranti is a
leading supplier Ip thwt
specialised semiconductor
field and this week has an-
nounced its selection by the
Ministry of Defence to de-
velop and manufacture a
very large scale integrated
(Vlfil) version of the Mili-
tary Argus M700 computer, to
be known as 5T700/4O.

Most of the items, the four
special chips for example, are
already available: the trick
is to bring them together in
a hybrid package that will
meet all the stringent
temperature, shock, vibration
and radiation tests laid down
by the MoD.

It Is expected that the
M700/40 wffl. be used In a
wide range of MoD and
export systems. It has
already been adopted for
future developments of the
British Aerospace Rapier
missile system.

The processor itself; em-
ploying the four VLSI chips,

wfll be assembled in a hybrid
multi-layer thick film package
measuring only 91 x 56mm.
It wiU operate six times
faster than Its predecessor the
M700/20, which was con-
structed on two printed boards
holding 10 dozen integrated
circuits.

Evolution

Ferranti believes that
advances it has made in
bipolar technology, hi logic
gate design (in which a
buffered gate reduces logic
swings and improves the
speed/power factor), and in
the structure of its uncom-
mitted logic array (ULA),
have aU contributed to the
MoD decision.

Basically, these semi-
conductor technology evolu-
tions mean that high speed
devices of microprocessor
complexity can be imple-
mented in simple array struc-
tures instead of in the com-
plex, high risk custom-
designed devices that have
previously proved necessary.

The company believes that
this dramatically reduces the
time, cost and risk associated
with such developments, with-
- out compromising perform-
ance.

Up to now, the high gate
qteeds needed for mflJtory
microprocessor design have
not been available from ULA
(which is basically an
arrangement of unconnected
active dements on silicon,
connected up to suit the task).

But the new developments
mean that speeds previously

■ ""VI “ /

• / O v

The Ferranti VIST Military Argus M700/40 microprocessor on die right of the picture
compared with its forerunner, the twin Double Eurocard implement M7OO/20.

only associated with ECL
(emitter coupled logic) tech-
nology can be obtained, but at
“ significantly reduced ”
power dissipation. Typically,
gate delay is 15 nano-seconds
and gate power dissipation
300 microwatts. Thus, maxi-
mum dissipation of the
M700/40 is six watts from the
dual 15/5.0 volts supply.

Ferranti is also developing
for tiie Ministry a complete
military microcomputer on a
card, the M700/41, based on
the new hybrid processor.

The computer incorporates
a cache memory, a device
which tries to predict what
might need to be drawn from
disc memory, holding tiie
program/data material ready
for more rapid use when
actually called for. Faster
operation results.

Enrobns

Also available is a private
memory interface, which
allows access to memory in
the processor available only
to the M700/41 system, giving
faster cycle times than any
other, non-dedicated memory
that might he employed over
tiie system bus.

The computer talks to other
devices over Enrobns, the
MoD-d eveloped data/address
highway. Urns, in gri s ti n g
M700 comput e r systems, the
M700/41 can be treated as a

. plug in pull-out module
during all stages of system
development, commissioning
and deployment.

Software
for pipeline
scheduling

A PIECE of computer software
designed for the planning and
scheduling of oil pipelines has
been developed by Scicon Com-
puter Services for Mainline Pipe-
lines, the oil company con-
sortium.

Now it is available on a
service bureau basis from
Scicon, the computer services
arm of BP. It runs at present
on an IBM 3033 large main-
frame, but the company will
rewrite the system to run on a
client's own large computer.

Mainline Pipelines comprises
Esso, Amoco, Gulf and Texaco;
Esso, the major partner ki the
consortium, operates the pipe-
line serving the North West and
Midlands from the four Milford
Haven refineries operated by
the partners.

According to Scicon, oil pipe-
line planning and scheduling by
computer has beat tried before
and abandoned. It claims its
system is the first successful
application in the UK

There are two modules. A
planning one which produces a
monthly plan estimating product
arrival dates at each location to
within a day and calmlairing
product order and batch size ac-
centing to demand at the ter-
minals. inserting kerosene
buffers as appropriate.

A scheduling module produces
weekly a ten-day schedule
showing product arrival to the
nearest 15 minutes.

Tony Hill of Scicon will
explain the mathematical
wonders off the system on 0908
565656.

Lifting slings by Safex

to lMds from «n«

KJJLJ—? 8 (PrctoTBd above) has been Introduced by Safex
Equipment The company offers a draftee of stote* 2T alSt

sfflrs ssssToiSs-

zmrss JiSA.-sr.SS

Safe effluent sampling ^ rom computer to telex

” o an INTTTrRFArP’. unit . . .

ACCURATE AND safe opera-
tion even with the most diffi-
cult and hazardous of industrial
effluents Is possible with a
design of effluent sampler
offered by Warren Jones Engin-
eering of Bicester.

The unit uses no continuous
electrical pumping process, but
lifts a sample by means of a
large diameter piston acting In
a glass cylinder, the piston It-
self driven by an air operated
actuator. After material has
been drawn in, the piston de-
scends again, evacuating all but
a residual, measured sample.

Large bore inlet tubing
allows a sample to be taken
quickly and, at the end of the
cycle the sample is expressed
through a valve. into a collec-
tion. vessel. High pressure .purg-
ing through a piston inlet
cleans the cylinder, inlet tube

and delivery tube at each samp-
ling cycle.

The absence of electrical
parte means that the system,
called Magnum, can operate
safely in the presence of petro-
chemical or solvent vapours for
long periods without attention
, or maintenance. More an 08692
r 42712.

AN INTERFACE unit that rag
be programmed to allow a

national telex network now has
in excess of im subscribers and

Strain gauges

A RANGE of bonded weldable
strain gauges- from the Hitec
Corporation is now being
marketed in the UK by Anley
Controls 16, Anley Road, London
(01-603 4007). The heavy duty
gauges incorporate a foti sensor
bonded to a stainless steel
carrier and are claimed to be
especially suitable for use in
exposed situations.

variety of makes of center s ^HStivelv jSSSPStSS
to be connected to the inter- S S^ 1 & m h SS^SS!
national telex system has been and other data ran
developed by Data and Control out of ae

of Princes Ria- into the telex iSHbrS ^
J** 5 manual work ^^hfc^

The software Is in modular viousiy involved. ^

form, consialnng of a fine module -
supplied t o mee t the telex net-
work and PTT regulations for
the country of use, and a host
module supplied to suit the SUMllUhv

communications protocol of the -SUSUDUIa

computer installation. "Vbif 1 be fiytng vyimtiHi word t

Known as AM700, the unit JSctooseforalm^Jongtjin
buffers the data sent bv the
mainframe and then, reads It roe notch CQmixfletfShowli

into the telex line at telex speed
(6.66 ch/sec). The unit ran j
communicate with the main-
frame at speeds between 50 and
9600 bits/sec, and all the neces-
sary code conversion is carried
out automatically.

The national and inter-

GENERA7WGSETS.
For prime pofW8£
standby and tte
qonBtniction industry

Ma a act i l co f Q ia UkUato Ufl.
IMlc!tyBiil!d!nB*FBa|t ,
Yoda.YtmmS.UX.

ObfcOTZMIMTMUBSaBS J

Hybrid

circuits

[WHAT is claimed to be the
world’s- first fully operational
automatic production line for
thick film hybrid circuits has
been installed in Tectwrics’ new
factory ait SwSadon.

The equipment was designed
and constructed by a Weyanojuth
based . company, : Dek Rotating,

adustey support.

Thick film hybrids are znonia-
fiure electronic circuits wtaefa
are -easier to produce than- sili-
con chips and have wide use in
industry; .

‘They are manufactured by
sCTeen jointing— a ' process
which is applied to many items
including ^the production of
pnee tags tor goods, and put-
ting coloured patterns onto fab-
ncs; ■ --- • ■= •_

Pastes made with precious
metals such as gold, platinum'

■ aod palladium are used as the
printing inks tor the circuit Iay-
«it These are transferred to
me tiun ceramic strips which
form the base. Resistors can
also be -produced from; other
pastes while other electronic
components each as capacitors,
transistors and 1 silicon chips "are
bonded to the ceramic. • ' .

■ The Tectonics production line
has. each reriunlc -circuit ^con-
tained 1 within a large magazine
which is mounted On each
machine carrying, out - part of
the process. It is simply a mat-
ter of moving, magazines from
one machine ta another to com-
plete the processing.

The advantage <rf hybri* cir-
cuit over silieem chips "is thfft
tbey can be' made econondcafiy- ■■
without needing high - volume
production

17

THE ARTS

■ I ■ ——MM— .. — — —

Oj Clement Crisp refllcts on the ballet in 1981

s?

• P?'rf^sk .

■? -^.“v ’ k

year

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'■* ri>- “r 5 K

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"wr? > 4 ?*

hz v ''T^ g;

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s. s»h • ?'fv

r£.r. v-.bj
• *-p

>,,3^

- ^£i>
‘ir

; - „ .- ;i-.. .U

ide

V. '•■*. “Sis f-

C.5 £*?

... -S3»

. • • ...•. : ‘ ;

‘VW'Zz*

; r "‘ : Q

• ■ -.: r-zi^r
<3®

■■ •' rj&

"* “ * c ■*>
•“■■ -ias

c, a«feB'
* >- 1 ?u

M/5V5SB.

“imsxRi
sirrrifH »
stocsdA :

crfSsrtSS^ii,
.‘ySu^Mgb 1 *? !

=_ iS+5 . o00d . '^ a * ee *“*** * nsem ^e phyiiig from long. (The Hungarian National all his myriad fans could desire

zf.rrf 1 a f™? rf indecaaon, . the whole company, and David Ballet’s version shown in Paris in this, the 2dth year since he

generally.- Waifs. Rudolph in Mayerling,- laler in ihe year, albeit without opted ior the West. Ja these

oiaKe^nift a^; 'nqt ail dtw to early in the year, standS out la such visual distinction, made two decades he has gained

financial strkjgsmne&L, .Jt.was a .the memory, as dp . .Jennifer more sense, because pruned by greater fame, has danced more

year of anQ 9 TW»aff*ieS' at Covent Penney’s Manon on toe evening nearly one-third.) and. more venturesomely, and

Garden. witfa t^ Roy al Ba ifliet when she received her Evening The dancing in seasons by has provided greater inspiration

celebrating itt -anrovo^aryi Standard Award, and Marguerite London Contemporary Dance for public and for dancers, than

and Lc Fill^wKflttr^^coDlSDg- Porter’s ddbrn in tiw* same role; Theatre and Ballet "Rambert any ballet star since Anna

of age. The Rpyid Ballet’s - jubi- while Monica Mason remained was sound, and both repentories Pavlova,

lee was curiously marked, by at her very best ili Hites of gained worth-wtalc novelties. The Dance Theatre of Harlem
a gala perfonnatifce made . wp Spring. .. . ■ For Rambert. Richard Alston came to Covent Garden, their

oi f ragur&^ts .^fisnn' ; 38 - ballets-— !Xt was a vear of aKtolevements used Stravinsky's two-piano every ballet greeted with uproar

though -wHbSnB fm the statfe by the Sadler’s .Veils --Royal reduction for a well-judged more usual at wrestling matches;
classics w^to ba seen— and by' Banet, not leas* .its three Rile of Spring, and Christopher fte V y eTe seen at their best in
pretiictaiMe in a predict- London seasons, in the evening Bruce made ihe attractive Pre- Balachine ballets, and at much
itble repertory torpMglKnit. mast of - new ballets by five young lude and Songs and Duitriiip te ® 5 ^ aD their best in every-
of toe ynr.,-/ ; . choreographers, and in toe- Day. For LCDT Robera Cohan thing else.

Isadora arrived and . sent a acquisition -of a second domicile turned -to narrative for his fuff- Sadlers Wens provided a
quivw torouiglh loany -veiy. d^i-. in. the renovated Birmingham evening Dances of Lone and home for other visitors: a

cafe sen^bifitfes. It might seem Hippodrome: In a final blaze Death, and Siobhan Davies was Kabuta troupe led by Ihe elo-

that Keriti&to was of glory SWRB presented a on her best form with Frccset qu em Ennosuke Ichikawa III;

inountpm* assault., most handsome { thanks to ting. Other new works ranged .the earnest Tanzforum Cologne,
an the faSry^sJKHers. blit Isadora Philip Prowso’s design) and from the well-intentioned to the with ments more didarl-jc tlhan
was ap atteanfit at a toeatre- persuasive Sawn Lake, mounted exasperatwyg (Cliff Reuter’s choreographic: the Thektre du

piece to break toe mould: of. by Peter Wright with Galina borborygm. Figures of Wind, ®“*. nce fr oni La Rochelle, a

baiHatac tratiftionaMsm (and, like Samsova, and making intriguing for Ramlbent; the chaotic and JI ei n ,v mann » r i ? r d » n-w- e ^. sem . J
dance works here and in New reference to Soviet productions, aptly named Danger, irorfc in Norinem Kaiier t nearre. wuh
York^ifc. suggested a renewed Of the SWRB dancers especial progress for LCDT), bur my a charmmg Nutcracker and a
interest in Sthe forms and "possi- mention must- go to David Ash- prize for tedium goes in an even-- ^ arnTlcss Midsummer Ni gius
b4Blftes of nstoratiwe). . It heeded mole, a classic premier danseur ing of “ Comaot I-rapi-ovisarion ” Dr f,T n ' , . - , f

pruning, 'some of. which it of ever-developing power and at Riverside Studios, noiafofe Worsl cv ^ nt °i *P e ye ^ r for

mo was cite Sydney Dance

received, and ii wiM perhaps be authority.

£*d|

-^V

i jsw’-y

be.st ajppreciated-' \ro Derek Londmii -Festival BaBet kept praoiitioners

only for the naivete sltown by

Theatre in
Frankfurt

by RONALD HOLLOWAY

The first ^cation that toe simply aimed too ^w. This
Schauspied F-ranMurt’s produc- respected theatre has recently
tion of Richard 111 (K&nig suffered under a sticky
Ricimrd der Dritte) was a mtendanr ensis. oae to which
serious undertaking was the only toe court »ntngues nwde
hefty- 135-pgge programmeiook. the headlines. It s possible that
packed with relevant essays 3 ad Shakepea^his time wa: swed
edited with historical finesse by as a form oE
house dramaturg Wolfgang ever, the return to performance
Storch. Then, too, toe t-rans- for ate own sake is to^ be
la tion was saf^y in the haods greeted. Indeed, it sa we.comed
of August Wilhelm ScMegeL the ray of hope m m
inspired Ranwjotdc poet — not rather bleak horizon so fjr as
some COMemparary wMrid-be «ie (Mi are concerned on
davmnr of Shakespeare's verse German stages, where total
TSZef Mi^mTso often toe 2 !^^. ^o^ped act-

case over toe past decade).
FiuaUy. v/hen toe curtain went

ing have been the norm.

And a footnote: since theatre
doesn’t exist in a vacuum, and

KIHS SHSs
STSSKn a

ctaMMc approach to the S 8

classics (favoured by toe sonny- a PolIsh J. enerai -

boy dareclore who ply toe Ger- ^ fdea ^ for revi7 ; aff

man circuit from Benlm to «^ ouiUl . s on e-acter. L'orche&irv.

.. . . at the Kammerspiel Frankfurt

Wilfned Minks dirertea ana was intriguing. The

Post Theatre, who revealed what I

Barley’s .. .stafl^o^e^iown tele- a .low, - hard-working profile, Modem Manner, many of whom aiauits^on ^ Coc trail In P a^ ^sTbi"

Merle Park as Isadora

vision - vserSKm •' for Granada, concentrating : on
sekedvlted for December, but a repertory _ for

victim, of toe Poilash crisis. economy .though i

standard busy themselves with activities

economy, though no one should the wheel.

« peSeM * rediwowriiS Poppy (naked matelot behind a its exquisite young baUerina
as pentwieot as rediwrovenn,, and three min ^ es on Eve|yn Hart; on ^ Roj ^j

I^gramunnsg at Covent Gar-, complain of staple classic offer- A Dance. Umbrella season ahiel^w^X and D«d//«L
den was often ungaanly; neither ings when Eva Evdokimova, took place, and spread its ! b !f chtoewhS feeiina foJ
of the .autumn tiovelties— niu- Evelyne Desutter and EHsabetta efforts wide, but the illusory rSmnarert hid v with

mmotioiK and a Napoli diver- Terabast are seen, in partner- nature of the “ dance explo- tbP Hun's- fnr flower

tissemeot - looked happy, ship with Peter Schaufuss. sion" - so eagerly touted, so rrTaneement The Stutran
though toe lateesr. must be per-. Patrice Bart and Jay Jolley, dubiously evident — was never B^iefcame to the Coliseum “but
severed vritt. -... So .must toe -Young dancera were shown in more clear than in the lack of ^n1te aTe«Stic rec»rton I
dj^-^pertary, which seemed major roles; tog company’s real full houses for the Sadler's found the repertory l£ than
tbm in danee astn imagination;, bid. for noveity came m the Wells seasons by Merce Cun- satisfactory, with only Marcia
OTOWWid, eredtole Giselle came rentenary celebrations ningham and Twyla Tharp. Havdee able to justify The Lathi

{ST D - avid WheD thC EN 5 both providing superlative of'the Camellias, slid tiWe to

S m^L SS0,i ^ dancers in superlative repertory, admire in Cranko's Siran Lake.

Stephen - Jesefles' _H i 1 aroon and Festival s presentation of The American dancing took a From abroad I reported with
Mpjrica- -Mason $ Myetha. Mtraculotis Mandarin m chpreo- different kind of beating in the great pleasure on New York

Welcome opportunities were graphy by Flemming Jfhndl, appearance oi a dim troupe City Ballet’s Chaikovsky Festi-
,?. aIlc ? rSf and -a. brand new wooden caffting itself Dance Stars- of val and on other programmes at
notdfuy Aslffey^ge m lllumina- Prince: produced by Geoffrey America, and -in the visit of the the Slate Theatre in New York,
tions, Bnony Blind (a prorrus- Cattley. '- Boston Ballet with a fatuous and also on Makarova and

boy directors who ply toe Ger- ^ Jdea ^ f(>r reviviag
man circuit from Bedim to j^Qy^-g 0 ne-acter. L'orche&irv.

* Isadora v. at the Kamroerspiel Frankfurt

Wilfned Minks directed and was intriguing. The

, „ , . -designed. His talent, and pre- comedy was penned in 1935. but

let me record that it was a year ference. for the conceptual side ^ t0 3 Ber J 5 Rainer Rrieeer
of generous and continuing pn- theatre leaves toe actor very f lt be uld draw most out

A Dance Umbrella season toe rampage), and an insuffer- i,, n i th Ballet in Paris, with a vate sponsorship, from Midland much on his own. Jibe a body f shortened -dream

took place, and spread its ab L* Scheherazade and Daplnus |den Kermse in BrU gcs. on ® anks ^ctang. yet again, of a decorating an eimromuentafl-art s ^ u „ lce - versi0Q , frajne d by

efforts witte bt* to? mum 5" » L T K fe I. * ?. the Ballet de Marseille and the Pro™ week at Coyent Garden, piece. Result: toe hues could ^ hur Adamovs L e s retrou -

enoris wue. oi« me ruusory compared badly with r-.ji.., __ rf this tune exclusively balletic, to be heard, but there was no ir/.TT: ' =.^_ in -.om 3 e the

Attila UK*V* for’ flower «•«!•»• Book', Princoly l»lt iS oT Mwy. . .no !*!!%. Z'"Z SlJS wL“n

dead very.

Theatre of the Absurd was in

sum so eageny touted, so arrangement. The Stuttgart R'-rtok "* trinle bill whi.h million promised over the next draamiTiic tension, no dashing iA 0n

~ n i VeT f came mthe Coliseum, but coined 1 Sere«i's brilliant f our years to support touring by o{ pereonaJptaes, no bravura per- tf Ih^fonnerTs a concoction o"

Mandarin JTia inr » aine oauA: > w

" ’ , . £95,000 to Festival Ballet for a

One most pleasing memory is new Siran Lake nest spring.

and the same bank's gift of. monarch as a creeping madness Adamov’s Das WiederUndcv is
£95,000 to Festival Ballet for a spoils a brace of well-laid plans. ' individual sufferin ’ 7

J£?JH££ Fritz “ ^ cba r d und^f motoertfemal^Tcom-

tions. 'iinoTiy zsrtind (a prornas^ oauiey. ' - Boston Ballet with a fatuous and also on Makarova and nocturne made the frenzy 01

ip?. Swnt ijiiwn), 'Firaa Chad-- Tbe - Chinese Opera manner Swan Lake, memorable only for Baryshnikov with American twiriing and triple spins that

wick (as. the Firebird and as chosen by Cauley and his showing von Rotob&pt as a Ballet Theatre ar tlie Met: on preceded ms appearance joof

Isadora), . and those younger designer Philip Prowse (decora- cuddly owl. The Boston visitors Peter Schaufuss’ magnificent roore than usually vulgar and

artists la tefy.seen 'in Afternoon tor of the year) was eye- were part of the Nureyev Napolf for the National Ballet meretricious. Curry really does

of a Faun. ' • ... d an ting apd dever, but the Festival in which Nureyev’s of Canada in Toronto, and on. dance on ice; the rest skate.

- MacMillan ballets received uncut score proved dreadfully charismatic presence was still tihe Royal Winnipeg Ballet and On a final note of gratitude

Royal Exchange, Manchester Book Review

The Round Dance Elvis under the

Ballet Theatre ar the Met; on Preceded his appearance look

the Royal Winnipeg Ballet and

present financial climate but it Tt was Hasting, fWilfried Elste) ^dU^Ma^ (Vppigcr
is no answer to paying for the and the Duchess of \ork (Diet- WorgCTJ j both stemming from
arts, nor a means of maintain- hnde Hulebrecht) who rose to poet - s Agit-Prop-Tneatre

ing standards which might toe occasion, rteawng toetr d j sometime between 1932
fall. TicHm. ofinfl, Ts .. .

Book Review

,nce on ice; the rest skate. oThe nvise fall victims of infla- ^^^l^deTd
Oa a final note of gratitude tion and official pig-headedness. and costumes (why these

“ extras ” was nott blear).

The detighf of toe production

and 1936).

Result: an exercise in a dram 3
laboratory.

But one that aptly fits the

Elvis under the axe

sandwiches flown in a thousand accurate, but there is no need and, Kadaz 00 German stages,
miles,. to young girls wrestling for such Jiterary presumption, toe Berlin productions with
in white knickers. This book is so destructive that Wegener. Kortaer and Krauss.

..to recent years there have ^ Hkeiv

been two public deaths which ^- coming

Goldman was a Professor of an “ Elvis, we love you ” back-
English and he has a theme, lash has already started, but in

concept

truth, there is no reason why Manfred Wetowertfo (East Ber-
from an artist and his work should tin) productions, in which
not not be assessed quite indepen- Richard embodied both king and
sharp dently. fool, whetted, toe appetite — that,

of a In fact the music, and 3 <nd toe knowledge that SohrHer

i.:. ijrTrtrA’-DT ^Atrcxrrv VI v^ro 1 sandwiches flown in a thousand accurate, but there is no need and Kadnz 00 Germa-n sta

... ; Oy . iVll.oil.AX3i-r LUV U I iT A n. miles,. to young girls wrestling for such literary presumption, toe Berlin productions v

; J-/;. -y-; -• . .. 5* in white knickers. This book is so destructive that Wegener. Kortner and Kra^

tAh onseandy -. scramble -is. abused Stoppard's re-workmg of “after ** quality of the play — - ■■ * 1 - - — . Goldman was a Professor of an “Elvis, we love you” back- References ®o recent Ja

underway to lto^ on' produc- Nesfrby>;jCasper Wrede’s'pxo-- never emeses on this occasion. in recent years there have S^^erv^sensfble^and ^lv tSt^^ere^^o^reasin^hy 1

ViSo?^ A quality of perfunctory- been two concept that coming from an artist and his work should fin) productions, in w t

satJ&sg^jgaM .-=g«AA» 4 , 5 ?u

OphfiJs’ war British sexu^mores. P ried woman, Bernice S teg ers as enough to take advantage of a In ‘ fact the music, and ond toe knowledge that Schs

-gw*?ssr« ’t&bX- ss^-Ss-Ji. mi« g 5 ^S’uSS? i . , s B “ .ssw? , s£ 4 ‘ss

enwuntere to 10. wnes. OM meet by a park bench Liverpudlian urchin. The astrin- Kennedy aid tiie announcement ^ OQ Eeiri< , ^ r f g b t touched on. Instead we have a white modem mterpretain

partofr a S?h geacy and gossamer texture of of Elvis Presley's deixuse. the ri-ht tirae when likely sad. human biography hare perceived Stalin as

SSSssSS s^.srfi of i£^ S f HS° 3 r 5 IS , S?-“ 5 h fi

oa abandoning the merry^o- hatchet Jobs ever P«Pefrated cheerful v-otfne Dunk ANTONY THOftMCROFT and the Frankfurt ensem

was the movable box-containers dimensions ofthe Kammerspiel
to allow for swifit scene changes Frankfurt The
— Minks at fids innovative best- their magic in a Horsptel con
The programme also listed the text without dramatic append-
greate to toe «titie role: Garrick age to speak of. The Adrnnov
and Kean in. London, Dawison purgation is more Strmdfaer^,

References ®o recent Jarek hand, is a merry and delightful
Woszcaerowicz (Warsaw) and farce, played to the -hilt With a

Thu* thp wmstihit» nnii thi» Sumptuous actress and where they heard toe news situation, Presley's life and Presley's undouhied significance compared todspolitoral historical termann, Manuela Alphons

SKJSrSSfSr J 2 L 25222 J P- !»•!& iMmr. .Ttannp « I” “ass

eression. Being in the right
place at the right time, when

black soul and white country which is much more genuine | ravenous Richard.

cmtrtge'lt attracted at its 1920' bistro (sex is conducted under - d °
Berlin performance and refused the tMJle instead of on the
to .allow further stage presenta- required divan) and Soho low
tions. The cast and director bad * Hfe. ' The soundtrack quotes ‘tr-,

been arrested on an obscenity . Buddy Holly, the Beatles, ^ c<

charge. • - Barbra Stf eisandi ftie Police. I

. As Schttftzter died in 1931, we „

have had to wait 50 years for. £."• Nme *«. meant 10 be Fear
another productiort—althoiigh. - ne "- ' Vegas,

his estate has allowed four film None of this makes any sense j_ ^

‘Fear and Loathing’
in Battersea

by a writer, there is much to
read about the details of
Presley’s death — which is attri-

years from cheerful young punk
to decadent showbiz personality,
corseted and drugged for the

ANTONY THORMCROFT

buted to drug abuse rather than Profitable Las Vegas appear*
a heart attack— and also about anct \ s : An > other development
any number oi gross aberra- would have been the more re-
tions which the “King” in- markable. Threw to a mother

Penelope Keith for Haymarket rep

A fresh attempt to launch a Choice.

have -had to wait 50 years for. " «me is meant to oe Fear and Loathing in Las dulged to to while away his nxatiou, a sense oi souinem repertory season in the West direct a cast led by Peter Bark-

2 sotoer productiot^—althouglt. - ne * Vegas, by Hunter S. Thompson, bored existence. honour, which produced some g nd j s ,^ e ma de by Triumph , worth. ...

his estate has allowed four film None of this makes any sense j_ ^ o«en-ine. Droduction on But this is not just a hiss and extraordinary twists in his am- Theatre Productions at the Hay- The third play to join the

versions. First past the post is . "whatever. The prostitute Of the January 28 of- a new fringe tell expose of the decadent tode to women, a mysterious market Theatre. Harold Brig- repertory, on June 9, will be

the Royal Exchange with .. first and last scenes is, in both venue toe Gate at toe Latch- reality behind the glamorous manager who gambled away j, ouse - s Lancashire comedy Show’s Captain Brassbou nd s

Charles -Osborne's flat and. cases, new to the job; So the mere in Battersea Park Road, facade, of the drug addict who millions while keeping Elvis Hobsons Choice opens on Feb- Conrersion with Penelope Keith

featureless translation (next real time of the play is as com- London. The first floor of toe was appointed by Nixon a financially irresponsible, and ruary 13. starring Penelope playing Lady Cicely Waynfleie.

week the RSC enters the lists, pressed ' as is the Viennese Latahsnere pub has been reno- special agent of the Bureau of - vou have the makings of a very Keith. Anthony Quay!* and Other members of toe company

followed by BBC TV and the.- society -.of secret assignations, yated. by AHrion Records to Narcotics, of toe biggest hero of good read. Trevor Peacock. are Annette Badland, Michael

: v • _ - .f . , * .1 .< * ...Ua Uaamvma a TKa Viftnl” i c cnAilt h\T A r.mf nf V/mn’eIi O rl •! ntf*r? Rvl tnn A TTl T fl .T ODUt h.lTl

blow for translators’ lib (he has . blackout. But the before ” and theatre's artistic director.

— from peanut butter and jelly witnesses probably

house's Lancashire comedy Show’s Captain Brossbouot/'s the direction of Robin rtmlips
Hobsons Choice opens on Feb- Conrersion with Penelope Keith col lapsed shortly after its
ruary 11. starring Penelope playing Lady Cicely Waynfleie. announcement. but, with
Keith. Anthony Quayie and Other members of the company HutaofTs Choice opening in
Trevor Peacock. are Annette Badland, Michael Brighton on Monday, jfr Weldon

A Coat of Varnish, adapted Baton. Anita Carey, Jonathan is confident that a West End
bv Ronald Millar from C. P. Coy and Belinda Lang. management can emulate toe

Snow’s last novel, opens on Announcing the season, the RSC or toe National with a cora-
Apri! 1 and will play for alter- managing director of Triumph, bination of respectable plays
n ale fortniahts with Hobson’s Duncan Weldon, introduced and star casting.

THEATRES

ABELPHI. S GC. Pt-850. 7 M1_. JWW
carts far is weeks only hIQi 7- operas
GILBERT A SULLIVAN. ^W 4. 5. 6
HMS Pi N AFORE. Jan 7. 8. ,S. THE
MIKADO. ■ E«S 7^30. Mats Wrt- Sat
2.50. Credit card kotlWie 01.930 0731.

AJ.BHRY. MatHneU only. S 856 1071-5SSZ
Ulio .group bMSl. Cr^Lt OJ-d
379 GS6a-S30 0731 . MACUIA Of A
PAIN IN THE NECK. A KamtHr Stocw
- -With »■ Bite. The 1 New Vfc Theatre pro-
duction. Directed' by Michael Bpotenov.
Mon-Tue-WM-fn at:2.5Q ' pm * Sat «
tl aw. ia ape 18 all seats CS.9Q.

ALBEftv! S .536 5878. K
930 OTSl. Gn>. «0» MS «M-Of
3962. Evas 7.50. Thing, ft Sat Mat 3m
WINNER at 3 NBW Ptav Awards SWT
«B1. TREVOR EVE Actor erf »*e J«r.
ELIZABETH QUINN Aggs
CHILDREN OF A LESSER GOO, PLAY
OF THE YEAR. ■ -
ALDWYCH. S 836. WOrf. CC 379 MSS.

flO-6. Sats 10-4>. tnte - SS 50.

ROVAL SHAKES MARE COMPANY hi
Lontlon Premiere Of, SchntaHr® LA
RONSE. Seats ««aH lor . low
previews tou t 7.30, (TWa pU/ K aMirt
sexual retetionaMos Hid u 521

tSr children.) Npt AjH RICRARO 111
Jan 1 3. P rer-tr 1 22023. Gjg w . Sti es

379 6061- RSC also at Tho Warehoose-
PieeMUfy. . ' •

AMBASSADOM. B56 vm. Eres B. KMh
T ues 3 * Sat - S- TttS
£3. ROSEMARY LEACH. DAVK> SWIFT.
M Scaring GROSS ROAD by HWene

Hanfl. " ;

APOLLO, Shaftesborr Are. S CC 01-4S7'

atfe'sidii^rnR^S^a

dadv 2‘,M & 7.30 sn. Prttes EIJO to
£fiVoO. LAST 2 WEEKS MUST EM JAN
16-

THE SOUND OP Ml»»CPETULA CLARK
Evas 7.30. Mats WW & Sat 3J0
Box Office UZmg r *m
phWe-poa -SAE. ^

HOOK?UGS 01-834 S 819-B1 TC LV.

^&F$5SS? i ’is83$r

fhX.^ OKU GROUP BOOK-

frtS 5 ffT^B39 2751. LONDON'S
GREATEST VALUE. SEATS fROM dJ SO.
GOOD SEATS N OW AVA I LAOLE MON-

THtTRS. SootchiB td ~May IS 19ft2.

GAMSRIIXK 1 THEATRE 01^56 T4«L
Party booMnw •- QV-636_ 2379-Jgl*
PBOWEg. UNA STVBW A OWPgCT
8 ATVDON In WO«». GUMMWtt.
£*gs 7.30- AW4S.2J0. 16- Jan

10-3D Eves 7.». Matt
2 jo. Feb 1-15 E«s 7 JO- Mats- Weffs.

2 JO. Feb 1-15 Eves 7 JO. Matt-

Sag 2.30.

COMEDY THEATRE. S • CC Mg
Grp sates 379 6061. “on-Frl |J*L
8.15- Mats -Thuiv 3- SaK ' S- 11 ^. Prtt» .
£2-50-£6^0 (not Mrttatte tee. th TId reri^

5TEAMWG ‘.by WU WW. JS22
COMEDY OF THE YEAR M*t AwjtB
1981. GEORGINA HALE. Enloy ore-sbow
supaer at Cate Encore plus tkt lor only

. E8.SO. Tri 33Q TB84: 1

COVENT GARDEN; "240 1066 S tGantejr-
cha*oe CC 856 69031. GS ajnphlseatt
tvill tor. eu perts tram -10 «» P»_ »w
eat of- pert- THE royal. ball et. To nt
A Wed at 7. 3D Lee PatUem, My Brother,
My suun, EHtrBnmMtioav- Tomer *-
Moo at 7-30, The SteBrtaR RwuttT. THE
ROYAL OP&A, . sf^rtHoO -^Tud **-
7 jo Pec- G U/wmT . ~ -

COLISEUH. S S3B 5761. CC 240 5258.
ENGLISH NATIONAL OPERA. Tonight.
Tomor. Toes 7,3th DIE FLEDERMAOS-
Sw 7.30: LA TRAVIATA. Wed 7.00:
AIDA. ■ 104 balcony seats avail from
10- am on dayt' . .

COLLEGIATE HUATRE, 3«7 9825. CC.
Gordon St. WC1. Until Sat. Ergs 7.30.
Mat Sat Jj y . AIK -.McCOWEN
LIBBY MO MMS . Bruce Bam * Raanla
Stevens hi Gilbert and SulHvan's HMS
PINAFORE. Sifipers Company.

CRITERION. 5 830 3*75. CC 3TB 6565.
Grp bkas Btt 5962. Mon-Thurs 7.30.
Frl, and Sat 6^) and. BAS- Nominated
U COMEDY OF THE YEAR 1981 SWET
Awards. DARtQ FOS COMEDY CANT
P AY? WONT PAyr - .

DRURY LANE. Theatre Royal. CC BSE
8108. OoeirfitH Feb- 4. previews Ffib 1.
2*3. AN EVBHNC3 INTERCOURSE
with THE WIDELY L1KCO BARRY
HUMPHRIES- For lO weeks only- Pay
now, laugh later. Boofc now.

DURE or YORK’S.. 83£ 9122. CC B3S
9637. GfP Saks 579 6091. Ets 7 AS.
ijprtce Mat Today I. Sat 5 A 6. IS.
SIMON CALLOW and PATRICK RYE-
CART »» The Beasuy BaaoUtades a *
S&LTHAZAR B by J. P. DONLtAYY.
EmoV ore-show wooer «t .Cate Chareo
Sr Ret ter on*V E7-S0. , Tel 930 4740.

DUCHESS. S >od CC 036 8241. Eves B,
Wod S. Sat 5.30 * 6. 3D. MchaM Todd.
Decree Nesbitt and Carole Mowlam In
TOE BEST THRILLER FOR .YEARS WE
BUSINESS OF MURMIL

fortune theatre, m-ras ZZ1S. S.

Russell St.. Cerent Garden- starring JOHN
BAODON-ai the teMManr MAX miller
UtHERTS A FUNNY THING. Written
and devised by R.. W._ 5hakosneare.
Mon to Thure S pm, Frl & Sat 6 4 9 pm.
For a hmitei} season, SSJO, £3.50.
£4.50. £5.00- Lowest ticket prices In

West End 1 '•

GARRICK. 5 CC 306 4 ftn. MARTIN
Jarvis, judy emw and peter

- BLYTHE. CAUGHT IN' THE ACT. Mon-
■ Thun BjOD< Fri-tat 5 AS A 8.30. MUST
END JAN 18.

gariuck. see m-aao ««> no sex

' PLEASE W* WE BRITISH mores here
from Strand The atre Monday J an IB.

GiPffB- S CC *37 1B9CL 439 6P7Q-677S^

.■ ftTVso. Mate Wed UD. Sab 4 -00.
THE MlTTOno GIRLS. LAST. WOK. .

MUST 6MP JAM 9-

■awa r.~c CC (yl-437_1SgE. *3S E77Q-
K77gT MSS THE BUTL« bV^Brtt Idle.
Dkicfcd by JcoaOwO Lynn. Preffi from
j^CzE. oberoJan 26 at 7.U. Mon-
Th W 8.0. SM 6.0 * BAS.

aSMMWlCH. S "CC OI-OSB 7755. EvetV
’KPTS. Mat Sals 240, .5herbtenY
iSS RWbL FOB SCANDAL.

HAYMARKET ^

ALLEN, eves Mon-Sit M Da tojm-
Hn^Bdenied demand tor tickets season -
SS33. but must ter minate Feb 6.

um AAA . eerrs- 930 660ft-T. CC MO
379 6061, Eyes 7.30.

HALL. —

LYRIC S

SSlklo 1 iwfeis?¥OTRSWi^»i

"srs zsrti.K >s ftWS'iAo

J. COCHRANE. 2*2 7040: Ends Satf
Dally 2 JO a 7.30. Children's Music
Theatre THE LEAVING OF LIVERPOOL .

LONDON PALLADIUM. 01-437 7373.
MICHAEL CRAWFORD. In Ova Broadway
Musical BARNUM. EvOfi 7.30. Mao
Wed and Set 2.4$. Use cue Bamum
Hotline .01-437 20S5. 01-734 80B1 lor

Wed and Set 2.4‘S. Use the Bamum
HotHne .01-437 20SS. 01-734 WBrl lor
Instant credit card resenwcions.

LYRIC HAMMERSMITH. S CC 01-741
2311. fives 7.30. Mats Tomor
A Sat 2.30. A NIGHT IN
OLD PEKING the rtorv of ALADDIN
by Martin .Duncan & David Ulte. With
James Bolam, Simon CadeW. Anita
Dobson & Bob Goody.

LYRIC STUOIOl Mon to Sat Sum THE

ASCENT OP WILBERFORCE III.

MAYFAIR. S CC 01-620 3037. Last

week. Dally 10.30 am. 2.00 & 4410

SOOTY'S XMAS SHOW.

MAY FAIR THEATRE. G29 3035 fnr
Green Pk Tubei. Eves 84): Mat Sat 5.0.
Nominated .most Piumlslno newcomer In

swet Awams. jeremy Nicholas u>

THRU men IN A BOAT by JEROME K.

JEROME. LAST WEEK. ■

MERMAID TH, BLickf rkJrv. EC4. 01-226
SS6B. CC 01-330 07TT. Oi -236 532 A.
ptorWno adjacent. TOM BAKER in
TREASURE ISLAND. MCK1. Tuca, Thur,
Fri at 3.0. Wed ft Sat at 2J & 5-0-

NATIO NA1. THEATRE. £ 926 22«.

OLIviER (open steoe) Today 1<L4Sam &
2.1-5 pm HIAWATHA by Michael
Soedanfl*. Ton t 7.1 S THE MAYOR OF
zalamea by Calderon. Tomor 5.00 the
OMSTEM.

LYTTELTON iprotewwiim (tawi Today
3.00 (tew price mail & 74B Tomor 7 AS
ON THE RAZZLE by Tom StOMATfi.
COTTESU3E (small audlTOrlmn — low price
tfcte) Ton't 7 j 30 TRUE WEST by Sam
Shepard. Tomor 7.30 ONE WOMAN
PLAYS (not suitable ter children).
Excellent seau day at owl an
3 theatres. Also Standby 45 mbs Wore
start Car park. Restaurant 92B 2033.
Credit card bkgi 925 5933.

NT also at HER MAJE STY'S. ■_

OLD VK. 928 7€1«-7^ CC 261 1821 S.
toaD or TOAD HALL Mats today, tomor
2 JO only. Eat 4 Wed Z-» * MS. M«ft
A Tu« RA5 only- Running until 30 Jan.
Good rate s for weekday Party Boolrlnrs.

NEW LONDON. CC- Drurv Lane. WC2.

01 -*05, 1 SB7. EWS 8 JJ.
Tubs and Sat 5.0 1 ami M- The Andrew
LJovtLWabbw-T. 5. EMI musical CATS.
1981s!rerAWARDS-BaT u musical of
THE YEAR. OUTSTANDING CHOREO-
GRAPHY? Additional to- OBice (at
normal theatre wit**!: The Ttetoet Cen tre
wort to Wyndhams Theatre. £L MartJ£s
Court. Chart 1*0 Crow GrQ“n

01-405 0076 or B1-379 6061. Apply
(Wty to Bum Off » tor return s- Per ionaj
and tetephone DooUngs accepted . ter

marchVjune. latkomers not
ADMITTED WHILE AUDITORIUM I S IN
MOTION. PLEASE 8E PROMPT. Bers
open 1 hour prior.

PALACE. S CC 01-437 GEM or 639
3601 Credit cards Hotline 01 -930 0731
(4 lines) Special sroup rate 01*839 S 03 . 2 -
HER ROYAL HIGHNESS--. ?An
affortionate comedy by BOYCE RYTON &
RAY COONEY. Mon-Fn 7-45. Mat Wed
2.45. Sa ts S.O & 8.0- Prices £6. SO,
£5.00. £3^0. £2.00. BoeX anytime,
day or night Including Sundays and
holidays. Phone 01-200 0200 (24
hour service)- NOW BOOKING THROUGH

EASTER.

PRINCE OF WALES THEATRE. 9» 8681,

Erea 7 30. Frl and Sat 5-30 and 3 .od.

• Opens March 4. Previews Feb 26.

PHOENIX THEATRE (Charing Cross Road)
01-856 2294-8611. Evps 8.0. Frl 4 Sat
6.0 & 9.0 ONE MO' TIME! THE GREAT
NEW ORLEANS MUSICAL. ONE MO'
TIME IS A GOOD TIME! Group Sales
01-379 6061. Ring Teledata 01-200
0200 lor Instant confirmed CC bkg*. 24
hr5 personal sendee available.

PICCADILLY. 5 437 4506. CC 370 6S6S.
Group sales 01-636 3962. 379 6061.
Preseel bleu Key 220 2324 Mon-Frl 7.30
Mat Wed 3 0. Sat 5.30 & a. IS. ROYAL
SHAKESPEARE COMPANY In Willy
Russell's new comedy EDUCATING RITA.
Comedv of the Year SWET Awards
1930.

PRINCE EDWARD. Old Compton Sr. Tim
Rke A Andrew Lloyd-Webbers EVIYa.
Directed by Harold Prince. Evas 8-00.
Mat Thurs (economy price' and Sat 3.0.
E»o port ends 10.15- S Bo* Office 437
6«77. CC Hotline 439 6499. Group sales
379 6061 or Go* OH Ice. For instant
conf . bookings ring Tc te djta 01-200 021

fS. S CC 01-734 1166. Even In
Mat Wed 3.0. Sat 5.15 and 8.30.
EDWARD FOX. ROBIN BAILEY. JAMES
GROUT and PRUNELLA - SCALES Id
QUARTERMAINE'S TERMS. A new plav

RAYMOND REVUEEAR. CC 01>734 1593.
At 7.00. 9.00 and 11.00 pm. Open

Suns. PAUL RAYMOND presents THE
FESTIVAL OF EROTICA. New Arts. New
Girls. New Thrills 23rd sensational year.
_ Full y air condition ed.

ROUND HOUSE. 267 2564. Direct from
San Francisco. PICKLE FAMILY CIRCUS.
Etfot 8.0. Mat Fill Sat 3.0. Mat Weds
Jar 13. 2o at 5.0. No Perl Jan 11. IB.
MUST EN D JAN 23.

ROYAL COURT- S. CC. 01-730 174S.
PEOPLE SHOW CABARET. Evas 8 0 .

ROYAL COURT THEATRE UPSTAIRS.
730 2554. CINDERS. Ev9E 7.30. (Not
suitable for chlldrc n.l ,

ROYAL FESTIVAL. HALL. 01-928 3191.
LONDON FESTIVAL BALLET. Until 13
Jan. A holiday treat lor all the family.
Ronald -Hynd's THE NUTCRACKER. Mon-
Sat Eves at ?.3D. Mat Sat at 3.00
front! Hall. Van Cauwcnacrghl

SADLER'S WELLS THEATRE EC1. 01-857
1672.T6T3-3SS6. Cretftr earth 10 am to
6 am 01-278 0871. Grp sales Cl-379
6061. 24 hr instantly confirmed res.

200 0200. -FAMILY, MUSICAL by Tim
Rtee and Andrew ttovd- Webber.

JOSEPH & THE AMAZING TECHNI-
COLOR OREAMCOAT. Mon to Sat 230
& 7.30. Tkts £150 to £7. Spec rate*

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F.T. CROSSWORD PUZZLE No. 4,765

S * 15 I |6 l T7

for chldft Mott ho Frt.

' New Opera Company — Comnodla, Feb

17. 19. 20 at r5o. BOOK NOW?
AMPLE FREE PARKING a lt S.M pm .

SAVOY- CC 01-856 8888. For. O' edit
Card boofcinos rlnn 930 0731 (4 Ijjiasi.
9.30-6.30. Sab 9.30-4,30. Ev<K 8.00.
Mat Thurs 3.00. sat 6.00 ind 845.
GERALD HARPER. SYLVIA , SWB in
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OVER 250 PERFORMANCES.

ST. MARTIN'S. CC 838 1443. Evas 8.00.
Tues 2.45- Saturdays S.00 anil 8.09.
Aoalha Christie's THE MOUSETRAP.
World s tensest ever run. 30th Year.
SORRY. NO reduced prices Irom any
source, but seats b oo fcabte from szjd .

STRAND. CC 01.836 2660-4143. 6.00.
Mats Thurs 3 00. Sate S aid h tltt
HYSTERICAL YEAR .OF^THE LONGEST-
RUN NING COMEDY IN THE WORLD.
NO sex PLEASE — « WE'RE BRITISH,
aftotirs of noir-jeoff latfshfer. Dhtertmf
by Allen Davis. Group sates Box Office
01-379 8061. Transfers » Garrlek Jen

18.

.THEATRES ALSO APPEAR PAGE 7

ACROSS

1 Deato grant ( 6 )

4 Mark a second-grade beetle

( 6 )

g Way to knit— ought one
Pole to pinch (7)

9 People puffing cigarettes
(7) .

11 Strive in vain to go one
better than flying (4, 3, 3)

12 Cricket ground in good
shape (4)

13 Instinct just left in (5)

14 Caught sailor stumped with
rank ( 8 )

16 Drunken Edgehill intel-
lectual (S)

IS Like firm to have advantage
( 5)

20 Tease idiot (4)

21 Easily distant in two ways
(3. 3* 4)

23 Fall for arable farmer (7)

24 Go paler when disturbed in
covered walk (7)

25 Took steps to reorganise
Dorset ( 6 )

26 Sound approval on way up
( 6 )

IU- 1 115

ampiI' raEE * parking ° tt 6 ?so* pm . J Solution to puzzle no 4,764

□QQGniQ sssciaEiaQ
a ■& a e 0 0 0 m
HoamaBa vSCQaasD
E-vD H 0 0 0 0 -E
0000 Q 00 DQQD 000
a HE m □ a 0

0!300Em QD0000Q

a m> b • m a. a 0 0

00D000E3 nnflDCIB

a. n □ b s b 0

□□00000000 ' OGDEG

□ 0 o b a a

sBBCJaas EnaBoaa
0 00 a 0 no 0
amgaBnaa 00113130

R8 r 19

is ironically attractive f3. 6 ) 15 stupid female supporter 19 Stretch across broken leg
.0 Like a job in ornamental « mn « 011t /q\ with a bit of glitter (7)

tion? (5, 4) * s 21 Ground all runners (5)

10 Like a job in ornamenta-
tion? (5, 4)

13 Compliments blonde over a 1? Young- Percy knocking a ball 22 Divide a pound by chana®

i4 c\ r— t- - 1 . c\

row (4, 5)

. about in London (7)

than Absurd, and in end effect
is a wear)' bit of soul-searching.
Das Orchester. on (he other

deadpan worthy of Labiche and
Rene Clair at their brittle best

Richard embodied both king and The Principals in the Adame*,
fool, whetted ilhe appetite— that, Anouilh -Prevert evening—
and toe "knowledge that Schfller Hansjorg Assmann, Jenny Lat-

UI * ULft. ULVLV»;, Mtv Ml** m V UXW 1M4 W-imi » — Zi- -V - “ . f

touched on. Instead we have a whale modem interpretations yet the gals in the orchestra
likely, sad, human biography have perceived Stalin as a deftly pull the rug out from

revenous Richard. under them.

What then was missing? A So much the better — there
concept perhaps — or Minks is no surer sign than this of a
and. the Frankfurt ensemble mature and healthy ensemble.

Anthony Quayle will Arnold Crook who has joined
1 st led by Peter Bark- toe company foil owing tot
recent death of his colleague
ird play to join the Louis Michaels. Last year's pro-
on June 9, will be jected repertory season under
'oDtain Brassbound’x the direction of Boton Phillips

y

Financial Times Thursday January 7 1982 :

FINANCIALTIMES

BRACKEN HOUSE,; CANNON STREET, LONDON EC4P4BY
Telegrams: Rnarrh'mb, London PS4.Telex: 8954871
Telephone: 01-248 8000 ■

Thursday January 7 1982

Reviving the

inner cities

FOR SOME years Britain's
leading corporations and insti-
tutions have been playing an
expanding role in trying to
stimulate and help smaller com-
panies, particularly in the
urban areas. They have had a
slow but steady success and
one spin-off has been the
creation of a number of locally
based enterprise agencies. The
largest and most influential,
the London agency, recently un-
veiled a. package of welcome
measures to extend and expand
its role in encouraging small
business and innovators to start
up by advising them and putting
them in contact with bankers
and supportive larger firms.

Evidence

This is only one side of the
picture. It concerns primarily
the private sector and then
mainly only the very largest
companies which have for some
time had a keen sense both of
their civic responsibility and of
the long-term commercial advan-
tage in an improving rather
than deteriorating urban en-
vironment for their business
operations.

There is a complementary side
to the scene. This is the urgent,
need to find and develop as
many ways as possible of har-
nessing private sector funds in
conjunction with public sector
monies (from both local and
central government), to stimu-
late further the regeneration of
some of the worst of the coun-
try’s inner city areas. The clear
evidence of social instability in
these areas makes radical treat-
ment all the more necessary.

This week two groups of
people are at work, quite inde-
pendently. on proposals which
could have a profound effect on
directing public and private
sector money into urban pro-
jects.

One of the most likely results
will be the group's endorsement
of a system of giving extra
financial aid to urban areas
along the lines of the U.S.
Urban Development Action
Grants. This channels Govern-
ment cash into specific projects
in urban areas on condition that
a substantial proportion of the
costs have already been com-
mitted from the private sector.

The attraction of the system
is that it prrmits the Govern-
ment to direct funds precisely
and. therefore, to choose pro-
jects most likely to generate
jobs and to stimulate further
developments. It is flexible
enough to allow the Govern
meat to provide funds on terms
which might just tip the
'balance in an otherwise
marginal project Most im-
portantly, it ensures private
sector involvement from the
start and it forces local authori-
ties and business to talk con-
structively with common objec-
tives.

The one difficulty lies in
making the scheme attractive To
the private sector. . Some of
the largest corporations are
already playing their part but
most companies are still not
involved: they need a gentle
nudge towards participation' at
community level.

In the U.S. the nudge is the
possibility of setting such con-
tributions against tax — a
facility which does not exist in
Britain.

NORTH SEA REVENUES

tax

By Ray Dafter, Energy Editor

Attraction

One is the Treasury team
drawing up the options for the
Budget due in March. The other
is the group of managers from
the financial institutions
seconded to Mr Michael Hesel.
tine. Environment Secretary, to
study inner urban problems
after last year's riots.

This group is closeted in
Ware, for a week of reflection
following a trip to the U.S. and
to consider what lessons can. be
learned and recommended to
the Government.

Incentives

This is where the planning
of the details of this year's
Budget is so important. The
Treasury is not unsympathetic
in principle to the idea of tax
deductions for contributions to
urban development and last
year such an allowance was
pencilled into ' the' Budgetary
schedule. But it was among the
first casualties when the in-
evitable difficulties of making
the revenue and expenditure
balance were reached.

Any tax incentive would need
to be carefully defined and
limited to start-up contribu-
tions for firm projects. Given
the low incidence of corpora-
tion tax and the abnormally
high level of rates often found
In the worst affected areas
where the revenue base has
been shrinking, .part of -the,
incentives might appropriately
take the form of rate relief.

Reassessment
in Mexico

YESTERDAY'S THREAT by
Mexico’s President Jose Lopez
Portillo to introduce domestic
petrol rationing smacks faintly
of the absurd, coming as it does
from the world’s fourth largest
oil producer.

Yet it underlines in an eye-
catching way the problems now
being faced by Mexico's expand-
ing economy as a result of the
glut in the world oil market.

Foreign debts

Like other developing coun-
tries which have been blessed
with large oil deposits Mexico
has embarked on a programme
of rapid economic expansion
over the past few years. In so
doing it has fallen into the trap
afforded by tbe oil bonanza of
free and inefficient spending on
an economy that was not ripe
for development at such a pace.

Mexico started out with a
larger industrial base than some
of these countries, notably
Nigeria and Venezuela, but per-
haps for this reason, its aspira-
tions were proportionately
greater and its economic prob-
lems are now all the more
conspicuous,

Mexico has become the most
heavily indebted nation in the
developing world with total
foreign debts estimated at some
S64bn. In spite of oil revenues
of some $l4bn to $15bn last
year its current account
balance of payments deficit was
a massive SlO.Sbn in 1931.

This is only part of the price
that must be paid in any dash
for growth. Ibe other is the
more delicate political price of
reconciling economic reality at
the end of the day with
ingrained expectations of higher
living standards.

measures designed to curt
growth, ease inflation (now run-
ning at 29 per cent) and reduce
the strain on the balance of
payments.

For this reason no one could
expect Mexico, many of whose
citizens still live in conditions
of abject poverty, to do any
more than tackle the backlash
to its economic aspirations in
a gradual way.

Already the Government has
announced plans to hold pub-
lic spending unchanged in real
terms this year, ratting back
oil investment and diverting
more resources to agriculture,
one of the economy’s weakest
points. In the process, growth
is forecast to slip to below a
real rate of 7 per cent this year
from S per cent last

Oil reserves

Rationing

The threat of petrol rationing
reflects this second part of the
problem. Even though the
domestic petrol price was
doubled this month, the state
oil monopoly Pemex is still sell-
ing petrol In Mexico at a mere
Si per gallon, a price tbat is at
best barely profitable and one
tbat a company as strapped for
cash as Peroex can til afford.

Yet the latest price increase
has already been greeted with
considerable dissatisfaction by
the population. In much the
same way Mexican government
officials fear widespread popu-
lar resistance to any concerted

But Mexico' is now extremely
vulnerable to external economic
factors -beyond its control.. A
further, drop ;n world oil
prices would impose .a still
harsher strain on its balance of
payments. Any new increase
in U.S. interest rates would
' push up the cost of its borrow-
ing and encourage speculation
against the peso that is only
being maintained at its present
exchange rate level by dint of a
fierce domestic monetary
squeeze.

There might be a temptation
to panic in such circumstances,
and following this week’s small
$1 drop in Mexico's price for
heavy crude oil. there was
certainly an element of
irrationality in the talk of
petrol rationing.

_ With its oil reserves of about
72bn barrels, Mexico certainly
does not merit the status of an
economic basket case. In a
world anxious 1 for economic
growth Mexico, managed with
greater economic restraint, still
deserves the support of the
international hanks. ,

But the $20 bn of gross
external financing which Mexico-
needs in 1982 win be more
readily available if the. Govern-,
ment maintains a firm and
consistent " 'approach to
economic readjustment This
means,-: -above ~aH; containing^
the budget deficit to its
targeted level, after a year when
it overshot by a factor of almost
two.

S OME CLAMMY palms and
nervous twitches can be
detected in the finance
departments of North Sea oil
companies. Having bad its bluff
called by Sir Geoffrey ‘‘Poker
Face " Howe, the Chancellor of
the Exchequer, the offshore oil
industry has been forced to
declare its hand over possible
tax changes.

The industry', which had
long- bemoaned the level and
complexity of the tax system,
was as surprised as anyone
when, last spring. Sir Geoffrey
suggested that the companies
themselves — and anyone else
interested— should devise an
alternative structure, '

Three main sets of proposals
have now been submitted: one
—a blueprint for radical change
— by the Institute for Fiscal
Studies and two .less-controver-
sial schemes by the . industry
itself.

The companies must now sit
and wait as the Treasury scriti-
nises the submissions. Sir
Geoffrey has promised to lay
his own ' cards on the table in
the spring Budget. So far he
has given no hint as to whether
his review -of the tax system will
incorporate any of the indus-
try’s suggestions. But the com-
panies may be in for a shock.

Through their representa-
tive organisations — the UK
Offshore Operators Association
(UKOOA) and the Association
of British Independent Oil
Exploration Companies fBrin-
dex) — they have, called for a
general reduction in the overall
level of taxation^

■ They claim that present taxes
will give. the.. Government an
average S5.7 per cent share of
the profits" over the .life of the
first 25 oil fields developed in
the UK sector of the North Sea.
At the margin the tax take
from a very profitable field can
be as much as 90.3 per cent,
compared with 76.9 per cent In
the 1975-78 period.

So, perhaps not surprisingly,
companies have told the Chan-
cellor that the resulting lack of
cash could hit future explora-
tion and development projects,
render a number of small fields
unexploitable, and lead to an
early abandonment of several
existing commercial discoveries.

But, up to now. Sir Geoffrey
has shown no signs that he is
impressed with this argument.
Indeed, within Whitehall there
is a feeling that projects are
now being delayed by companies
more because of uncertainty
arising from the tax review,
rather than the severity of the
tax system.

In his original invitation to
the industry the Chancellor laid
down guidelines that modified
proposals should, ^produce a
broadly similar yield .to 'fhc
present regime. Nothing in
Britain's economic position can
have altered that view. On the
contrary, pressures for retain-
ing the present tax levels must
be growing.

The build-up of North Sea oil
production is progressing more .
slowly than forecast -by the
Government a few years ago.
The prolonged glut of world oil
supplies has put an unexpected
brake on oil price rises. There
is now growing talk within the

ROYALTY:

UK CONTINENTAL SHELF TAX SYSTEM

T978 1979

123 12-5

nte%

1975

123

1974

123

1977

123

1980

123

1901

123

Notes

1

SUPPLEMENTARY PETROLEUM DUTY:
Allowance (per six months)

rate %

20

(L5mt

Studies wants 1© bpHdore.tfcte
“carishackle" tas.sfrnefaiie-v -
of existence. .It wants f^ee
the existing taxes replaced

a single Petroleum Profits

Higher rates of tax would fee”
triggered by '■• predeter mi ned^
profitability bands. ' [ ' ■ £
But oil. companies questtaaf?
discreetly whether- tfee^lbsttur
tute’s system will in practice*
prove as simple"® it appears/:
They point out ttat ■ ccaundeNi
able legislation ' would btfi.

NOTES:

1 For oil produced under the first lour rounds of licences royalty- Is levied on
the wellhead value; subsequently royalty is levied on the tax landed value.

2 Tonnes; the amount of production exempt from taxation.

3. Relates to tax allowance for capital expenditure; le qualifying investment
is uplifted by 75 per cant If spent before the end of 1978.

4 Toils up to the end of 1978 end tonnes from 1979: the amount of production
exempt from taxation.

& = safeguard end after 150 per oant ot

grproiTSen P , r0 ^S n ^ , ?li; ■ « chargeable penod or the

previous but one period, whichever is the groetaf.

Proportion to be paid in advance.

The Institute’s proposed profit^,
tax would be assessed an a field-'-
by-field basis. - Consequently?
companies would be -robbed 'toe
the opportunity of making -bjgjg
profits -'on/ A- bonanza

[Mobil

Source- Arthur Andersen end Company end Ml Petroleum Service* sheltered 'by tax allowances^

m i, ■ Lin iji/ii ,n r n r . ... — — — — - — - arising - " front’ investment -■ ros

Industry of prices falling in real
terms over The next few years.
Consequently, the Treasury has
had to lower its offshore taxa-
-.tion estimates.

The most recent Treasury
forecasts, published at the time
of the Budget last March
(“ Economic Progress Report.”
No: 131) showed that in spring
1980 the Government was
expecting oil and gas revenues
in the fiscal year 1980-81 to
total £4.2b n. By November 1980
the forecast for that year had

of

about' 20, 000

panics showed considerable help in the development
self-restraint in allowing fields.

UKOOA and Brindex to be the Mr Christopher Johnson, TWnim.m

the economic adviser to Lloyds Bank revenue - raiser - Petroleum

equivalent to
barrels a day.

• Third, the most important-

only representatives of
industry’s views. It was felt
that the industry would have a
better chance of being taken
seriously if it showed a unified
front.

The fact that all the different
companies could find sufficient
common ground may be evi-
dence enough that the tax
.system is in need of an over-

Revenue Tax— is also levied

and another member of the _ .

Institute's committee, is some- 011 a
whar more colourful in his

description. Oil companies and
tax authorities both complain
about the structure “yet both
know their way around it, like
a ramshackle old country house,
full of secret passages and trap-
doors.” he says.

Few would deny tbat the

- haul. It was, after all intro-

fallen to £4.1 bn. In March, at duced in 1975 when the oil price present structure, based as it
the end of the fiscal year, the was $12 a barrel, a third of the is on four different taxes, is a
estimate had fallen again — to present level. The structure has muddle. In grossly simplified

assessed on total revenues less
royalty payments. Supplemen-
tary Petroleum Duty, operating
costs and other allowances. At
present PRT is calculated at a
basic rate of 70 per cent of net
revenues.

PRT is the most complicated
of the bunds because of the
various allowances. For ex-'

other discoveries.

Perhaps the industry 1
been hoist by its own petard.
For hi 'recent years Nort£rSest»
companies have made -muf£'oi*
the. fact . that the best fields hsserv
been discovered,* - that vbatTus -
left is - largely, a number. 'oft
smaller reservoirs; difficulties
produce fields, and extensfoodr
and satellites of existing fields! ^

These points are amply-made .
in the submissions Of UKOOA 1
and Brindex, both- of- which- -
pose amendments', to the exist*
ing tax structure.- — . and - jti
reduction in the overall rate 1 —- 2 .
as a means of boosting: invest^
ment incentive. ■" 1 . ■-?.

^-Tha association.-forinstanoe^
wants to see the abolition uf -
the Supplementary Petroleum^

ample, companies ‘ can set Duty, and the- automatic repay**
against the tax the cost of ment of royalty -in the case- fit?

iii rjr 1 1 1 It » 1 1 , i in. .^ii 1 1 1 i hi cr * (qa ill i ■ ii ii i r. »»i _ a irwu r — _ . _ . _ . . — — w — -r — — • — — •

£3.84bn. been changed repeatedly over terms the system works like exploration and appraisal work the least profitable fields.' It. Is?

So far the forecast revenue the past six years - seven toes this: “SJLlS. < ?2L? , 32 SS5^*2fSSSj3^ BflS

of £5.88hn for the current 1981 - in ° ne lfi-month period — as # First, a company pays a duction. transport, initial treat? Petroleum Revenue Tax fnefitd^-

82 period looks like bein'* successive governments have royalty equivalent to 12.5. per ment and storage of oil; -and mg new advraee i^ymeiitfpro-

achieved or even slr-htlv attempted to keep pace with cent of the landed value of pro- abortive exploration. A supple- visions fto

exceeded. But this is due in rising prices, changing develop- duction. This is a tax on ment of 35 per cent of explore- ending the duty), additional . o&-

part to last year's deposed ment conditions and Treasury revenues rather than profits tlon and development expendi- allowances ; - s ? 6ci ®L, treat-

value of sterling which inflated budgetary requirements, although it is a payment widely can also be set against the

the dollar value of North Sea Attempts to remove anomalies accepted in the industry. Com- reservoirs louna • - on tfie-

oil production. have frequently spawned new paT iies look upon royalties as a

The future trend can be problems - fee paid to the host Government

gauged from tbe latest esti- „ .®!._Antony _Part. former for^the^ extraction of natural

• Second, the industry has had
to pay another tax based on
revenues — Supplementary

mates of stockbrokers Wood,
Mackenzie which advised the
UKOOA on its tax submission.
A fortnight ago the brokers

Permanent Secretary of the
Departments of Trade and In-
dustry and chairman of the
Institute for Fiscal Studies com-

Furthennore, oil companies periphery of commercial fields, s
are provided with an .-“oil: UKOOA says it discarded thee
allowance" which gives PRT- possibility of an entirely new;
exemption on 5m tonnes a year, tax system for three basic reft-:
of production from each field, sons: the Admini s t rative com-’
And, to protect small . o£ plenty of micb a change; -the-
marginally economic fields, problems of transition from one

showed ttatVmTer tiTe present criteTt he Dissent veir°Th£ ensures m PKT°i5 ^e^wSifSy SvSreflecT

tax system North Sea revenues structure, describes the present 7^. Tins tax which i is due to charged on a field earning less on different licensees.”

expire at the end of -June— thaM ^ nftr nmt ^ That thM

unless extended by the Chan-
cellor— -is charged at 20 per cent
of gross revenue less an oil
allowance from each field

in 1983 (the calendar rear) system as a “ridiculous" com
should he no more than £9.7bn Petition. The Government, be
rather than the £11.5hn fore- wys. is striving for an early in-
cast by the firm a vear ago. l>cfinn of revenue while the in-
SirailarfyHts estimate of 1984 dustry is seeking allowances to
North Sea tatf has heen reduced

from £14bn to £12.3hn.

All this leaves the oil com-
panies in a quandary. Their
proposals assume that tax rates
will be reduced. If the Govern-
ment decides to accept the
industry's recommendations,
but then tinkers with them to
maintain the overall level of
taxation, some companies could
find themselves substantially
worse off.

As it was, individual com-

19S0-81

1981-32

COMPOSITION OF NORTH SEA TAX REVENUES

(£m, current prices)

SPDt

Royalties

940

U00

1,850

*RTt

2,420

2,210

Corp. Tax*
430
620

Total

receipts

3,840

5,880

* Before any sat-ofi - in res peer" of '"Advance Corpora tionTix. Suppla-

msntary Petroleum Duty, t PRT — Petroleum Revenue Te*.

Soorca: " Economic Progress Popart No. 131." Treasury. March 1331

than 30 per cent of historic That third, and final reason
capital costs. . explains the current nervoos-

• Fourth, companies encounter ness of North Sea oil com-
Corporation Tax, chargeable panies. They all want to pay
after the other taxes have less taxes but they are also un-
taken their bites. This tax is comfortably aware that in any
levied at a rate of 52 per cent radical change, they could end r -
but unlike the other taxes- it up, .payii^ ■ consideriftiy ^

. applies to the offshore opera-- It is nor wt&Hbur irony' tferir-
tions of a company rather than lie. companies , have apparently-
an individual field. Companies opted ' fdr .thg secret- passages;'
such as British Petroleum,- and.^ ^traipdaot^-tiiey already'
which operate highly profitable know,- when the' industry
fields, can thus avoid paying presented.- with an unpreces*
roe top marginal tax rate of dented, opportunity to -draft *.>
90.3 per cent by maintaining sftnptfer, more predictable ' tiki
a programme of new field system, suitable for the next 29 ,
developments. years. Ebe irony. is nnHkeiy ta

The Institute for Fiscal belostOnthe C&anceUoE.

Boots feat

Perhaps colourful is the wrong
word to describe Boots Hansen,
the American oil-well fire-
fighter who yesterday put out
the 40Ft flames burning since
December 21 at Taylor Wood-
row Energy’s Hatfield Moors
drilling site in Yorkshire.

Hansen usually wears white
overalls and drives a white
Cadillac — a reaction against the
20 years he worked for the
famed Red Adaire, *‘I was
sick of red,” be says.

With another Adair veteran
and much-decorated . wartime
air force officer. Coots Matthews,
Hansen- setup his own fire-
fighting agency in Houston
nearly four years ago.

‘We had both worked for
Red for a long time but when
we asked him for a little piece
of the action, -he got mad and
fired us."

That was shortly after the
55-year-old Hansen had taken
part in sealing the North Sea
oil field's' biggest blow-out on
the Ekofisk Bravo platform.

His Boots and Coots company
maintains an interest in North
Sea operations where the
record for avoiding fires and
blow-outs has been exemplary,
he says.

Boots has five or six skilled
teams ready to travel anywhere
in the world at a moment's
notice. As he was putting out
the Yorkshire fire yesterday,
some of his men were dealing
with a blow-out in Venezuela.

“The only way you learn how
to do this job is from experi-
ence — and the mare -experience
you get, the better you become
at it," a Hansen staff man tells
me.

No two blow-outs are exactly
the same — and the fees Hansen
charges usually reflect the
degree of difficulty and danger
involved.

The Yorkshire How-out —
caused when the drill hit a
small gas pocket — would have
been brought under control
sooner but for the weather and
lack of specialist equipment on
site.

Hansen himself denies that
taming wells earns him a
fortune. “>lfe’ve got enough
.money to burn up a wet mule."
Coots elaborates. And for him
to indulge a passion for raising
quarter horses while his partner
goes yachting in their odd
leisure moments.

How much will Boots- get For
answering the call to Yorkshire
then? “You can bet," says a
buddy, “he’ll be treated right"

services firm called Inter-
national Reports Imu, which
plans to announce a daily
Nibor rate at 11 am New York
time, starting Monday.

So Nibor — shouldn't that be
Nyibor? — it is. Whether it will
catch on is another matter. On
the one iiand. the move can be
seen as part of New York's long-
running battle to wrest from
London the role of the world's
leading financial centre. But. on
the other hand, the New York
offshore rate is almost identical
to the Euromarket rate anyway,
so why bother? Most bankers,
I gather, are far from confident
that yet another interest rate Is
just what the world needs at
present.

Solidarity has been “winkled
out of the Warsaw head-
quarters, and is now being used
to produce the daily newgheet
that Warsaw Solidarity is bring-
ing out."

Home thoughts

Precondition

“ Avant-garde " — B.C.
can usage).

FAmeri-

Unhappy returns

Marginal note

“Typical — the only success
the Tories can produce is their
Minister for Drought!"

Libor you will know and love as
the acronym for “ London Inter-
bank Offered Rate.” by which
Euromarket loans are priced.
But Nibor? Well, the word from
Wall Street is that ever since
the Fed: allowed offshore bank-
ing into the U.S. in December,
the markets . were bound to
throw up a new interest rate
based on market conditions in
New York. And first into the
act is an enterprising financial

Somebody somewhere is wait-
ing for a letter from you . . .
But if tlic addressee is
Solidarity, that letter is unlikely
to arrive.

The Polish authorities, who
have already cut off the coun-
try’s telephones, have not over-
looked the postal sen-ice in
their attempt to extinguish the
free trade union. The Inter-
national Metalworkers’ Federa-
tion in Geneva has been send-
ing its monthly bulletin to the
union’s regional offices, and
have passed on to me some of
the batch sent out on December
9 — three days before martial
law was imposed.

"Not claimed." reads the
rubber-stamped endorsement on
one of the returned envelopes;
“not known," says another; "no
longer exists'’ reads a still more
ominous third. The excuses
may differ, but the general drift
is clear enough.

The Federation does, how-
ever, have some brighter news
to report from its own sources.
It believes that the IBM ‘type
composer which it sent to

It may still cost 40 per cent more
to produce a car in the UK than
in the rest of Europe or Brasil,
but the German chairman and
managing director of Vauxhall.
Ferdinand Beickler, has found
much to praise In his two years
here.

“ The English are less
materialistic than we are," he
says in an interview with the
German newspaper Die Welt
“ They have a much greater
talent for coping with the reces-
sion and other stress situations.

•‘■I greatly admire this atti-
tude," Beickler adds. "It may
sound euphoric but the people
here have been suffering for
several years and we would per-;
haps not always be so patient as
the English."

His view is that the state of
British industry is linked with
managerial deficiencies. ** It’s ,
question of personnel . manage-
ment,’’ Beickler notes. “ People
want to be led but they have to
believe in the leadership and its
sincerity."

Wong answer

Congratulations to Jenny Wong
of Hendon on the only all-
correct answer to the Christmas
quiz. Post office permitting, she
will soon be cheering herself
with the promised brandy while
filling the pages . of her ritzy
FT diary. Last year’s winner,
Norman Garrett of Middles-
brough, looked to be cruising
confidently home until he inex-
plicably failed to, answer the
final question. Consolation
prizes to him, and to two other
near-misses, E, V. McWilliam
of Gerrards Cross and R. Lucas
of Harrow.

Observer

•:.v

We are a rapidly expanding inteiijartiotiat.:
company. and are ^tablishing an. interiial if
audit department r ‘ : -• ’ . J "

We require three qualified/part-qualified -
accountants experienced in modern audit - -
techniques to assist the Internal Controller^ : ?
Europe in implementing and monitoring^' 7 '' 1 '
control procedures in both operation ahd
financial areas. - v - • ^

Our head office is. in Arnhem, Ifefherlandf }
but as our operations span eight Europdan ‘ ''
countries we are flexible as to the cotMtry ef:
residence of the members of the au<^ te®:t ; J
A willingness to travel: withiii: Europe. : ’

essential as is ftuent English plus at least one r
other European language: , ; , ; ^ "’:V

r

PETROLEUM REVENUE TAX:

Oil allowance fper six months)
Safeguard! period

Advance pigment

rate %
uplift %

%

45

75

03mt

U

45

75

OJSmt

U

45

75

Q3mt

U

45

75

03mt

U

60

35

0.25mt

U

70

35

0.25mt

U

70 .

35

0.25 mt

R

15

3

4 .

5

6

costs omd revenues' would haw -
to- be readtiilated back tb -t&ey
beginning! 1 2 - ■

Anomalies would- proBdHy 1 .
arise as companies

CORPORATION TAX:

Advance Corporation Tax

rate %

% a yea*'

. 52

33/67

9

52

35/65

9

52

35/65

9

52

34/66

9

52

33/67

9

52

30/70

12

52

30/70

12

: 7_ :

higher tax bands.-' ; - .

Tbe industry is also- Worried^
that .the - Institute's proposals. , _

MARGINAL TAX TAKE

%

76.9

76.9

76.9

76.9

m

87.4

903

would drive the after-tax profit-:- - -
ability 0f all fields towards sp'
similar.- modest- rate of return,.

\-

.

V.

'll

Sidary dependent on . qualifi^dims. , K
experience but in the range of 'DFt MQOfl#- ? ?
DFL 80,000 pi. *

Written apphcations,.m\^ 1

Derek Watt, .

Internal OintroUer-EuropeJ-: ' jK&V

Ipec Transport HoldingB/V’/;^ ” f

P-O. Box 121, ... ' - V

6800 AC Arnhem, -vr •’ .- . : :' r . V s ..

6800 AC Arnhem^.
The Netherlands.'

iff

n

'miifi —

. ‘ Thtu^ay ; Janaaiy. 7 1982_:

- 'my, s-_. J-.-.* > 4,«

\f:>; ■ .“■

ECONOMIC VIEWPOINT

Lombard

guide for

tr, ■

r - fc ie- ». Shft, - —■■■-■■•:.* ::/ v' • "

n.-v, , '<r __■ ■ . ; ■ ■ -

> V -*j ’^a Si 5L? S* 8 ^S 7 ; dal policy to maintain real

?S^3S-JffiSS»4L (HS?** Power, which they call

^"^IS - management"'- ttie-

i \ ^ t A JSL-! v^P^rOmT -Aage^ 1 jrft, economy; may neoer grow ,«t Its
;,s. 7 j£V £55 **»“ J«^e4 . potemtel capacity late.

„ ^^I^etaauwalJy'be-

by .forces largely iadepeSeatrt
5 yi-V-^i ^'SS^SSf - dcaaan <* and has to be either

^Sb.'tt^SerSSSr n^' ? 2te Keynesian position is a

l.^vesr^i Itself- Have all been -Intended £ e

" .V to -dkrify- mttew. .-But until Keynes for

- ^ oaj the relation between theseideas S0 T£ Qt carB ^ r -- -

' ; * Fi ' i&.more-Ctariy^ the Cambridge .Economic

V common’ reactionwill ba thaf of ?9hcy Gronp as a snbgroyp of

By .Samuel Brittan

w O,

The trees o£ economic

[i- doctrine;

y Monetarist 5
^Offshoot

Croup

F/ IK

■ aisa fc

I-M- Ji

’ -ur* 4 J}* a'

;&-«ig3ifrfoer«for* be -worth **<ted that It. la -backed by to-
setfinfcotit ifb'ttr»fold'Cla««iflca- tense acrossrthe-hoard import

tion. - system tttatt X have found controls.
esefoSfS^siJf.. Jtis a. deliberate 3— The

;S^SSfrM

aSL^ Iy Fertiliser?

tnaSSSS^sS^S^aL vFoison? '

weradmp

counterrevolution'

many axles.: This- -is foe name I use

Ayff- ■ -. -..- ~-..-i. • ^BsS^IViifcvivN .-ii-v. .... • • „. r*v*y

XheCoaater-

foffermstposfiSaanE and nuances, for want of a better, for the
. The four fofllowiiig schools of: school that be* arisen id reac-
foougbt . j relate. ' ■ enUreSy. . to tion to -. traditional: post-war
“ maewNWrommiief*: {w- " fixiait Kejtoedanfsm. - - The- word
dal ” ) poiky'— ie, foe ldfidsiof “monetarist" is, misleading
thiPg S j gg tfti ; me - Budgets - and here, even when it is not merely
monkey >_ahd- ; ^ uxchange rate a - term. of abuse. V Classical ”
PwcS '.nvifo'. ; , which: Finance or. “ neo-classical ” would be

jfllassican

»»■••• n , JWKmwHnnnw ; t tor- pnqTv

• r "- ■■' ? r a5 **4 ”> PoateMe^ foe ; kfods ; of

S.. C tmntt -ffliHh. :■*«... Ttruhtmt*.- and

tbaags., -such-as^.Bm
monetjijy;. jndV «tch
with . ; , which

«• .Budgets- and

^ 3Gwstffl» .andL tbefr,. critics are more accurate, but would turn
••.► v.,'. ? . icjW 9°®^®®®. leaves : out a. host off the non-specialist.

‘"d ini' more import- Xhe. nount^tvvolutlonafies

pi' u}. y?i ns» a V t S.^'--L. ' • '* -i* argue that, in -contrast to the

1 -,-ilf: 5 ^^nesUn-school. This poist-war wisdom, the main

V.' e .0!i}fo? wastfie-pofit-wix ^rtlwdoxy^aiid uitlm^e impact of .demand
^ ^ i® inimaSm^is on the price

;** 1 ®xt ffiSiSi semo ^ level, not output and employ-
: ..- n -. S " i* ‘ • to ftwneed meat Its dasslc political state-

• C: - art 2 meat ""** notfe y M 3 * Thatcher,

?: *'- l crjiS S2ffirt2?- , 'i5£3L“rf l “L55 bot hy James Callaghan in a

" lUBUDtttyo -atmnae - -of most -^.n- f«nnwgtv w>mn>nnftn

S5S

rc r ' v *‘^*25 perhaps . temporary conversion

imiitKaans, lournalosts a t tbel976 Labour Conference.

"' -'ofvb: ' '• • • He -raid that the option of

" viT-. ' .■-.t t.v . ■■ . ’-v . • “spending your way” into

1 "■'-‘t.-f Jv forces largely higher empJoyment by cutting

T; 7 ’imk - taxes ana boosting spending no

“ maepetWJCUt ' longer existed — if it ever had.

r?- I ' : Some ootmter-revolutionaries

■■ r -’:-.:;- r . i ^. Or demand •:' Wwiia accept foat there may be

‘ ^ - .; :"..-■■■ a: temporary trade-off between

>: ' t^.rirr jw *-■ ^ ... j ■ V-, '.V.-'..'.' . - , inflation and unemployment, hut

‘ ^"asa? a^. 'to^wtiiaKstr ■ who pro- ’ even, feat is highly volatile. The
’■"V. ;; ~ s * nounceon economic -affairs. For- rate of nnemplwment at which
r ^ t» <»e - ; more, infested ■ the economy settles at ■ any

-v^- woth theory l&n ihe dovm to stable rate of inflation, is
' -r^Tciw earth: whQJdahns to go known . as the NAIRUi -foe non-
b^stow^oomhu^emise. •' % accelerating inflation rate of

’ ' - =•■ The basic doc&inefc that the nnemployment .

miecthui; of spending power -A counter-revolntionary does
,- iirfr into ^the- ; economy, • the not have’ to believe -that this

r Budget or the- monetary system, rate is established by some well-

•T-r® op- exchange rata management, working -highly compatitive

• : — V~f4u habits .snato effects- oni output market -system^ The NAIRD is

and ^employment _-- 7 that is the : simply timt which emerges from
■ - --ir ® mad economy.'^ Keyne^ans misting real worid . markets

- ~ JHj J® usually aJsohehewe^althou^i It -vdfo all their distortions- and

.-. . Uh?not n.necessary^cmise- ; laboai monopolies.

? < 10 ) 6008 ^ foctrabo^pn^^ ■ If .demand' -management or

-^^foat-wftfe^ ffli activnfihan^i flnanciar.poli^ cannot acluEve

~ a.-.-: z^s^>:v ■•'• •••••• - . • ' : - ■■

chosen levels of output and
. employment, what can it
achieve? It can control inflation
over the medium term. It can
also provide a long stop against
the kind of depression which
occurred in the 1930s, due to a
collapse of spending in money
terms. It can also provide
some reassurance that wage
restraint will indeed price
people into jobs.

For all these purposes the
need is to achieve as stable as
possible a growth ' of total
spending in money terms.

Professor James Meade who
has advocated a Money GDP
target and an incomes policy
aimed at promoting employ-
ment, is to my mind a counter-
revolutionary. For he accepts
that the 'attempt to maintain
Ail] eraploymenf by demand
management with existing
wage-fixing institutions risks,
in the words of his own forth-
coming stagflation study, lead-
ing “to an explosive infla-
tionary • situation with the
threat of not merely rapid, but
ever-rising • . -inflation,"’ - which
would eventually force any
Government to nbim down the
brakes.

His own description of him-
self as “JJew- Keynesian” is
misleading as he has so clearly
crossed foe Rubicon on this
key- -analytical issue.- The
differences between Meade and
some other counter-revolu-
tionaries are of personal style,
details and above, all over foe

other policies needed to accom-
pany a national cash outlay
target.

A counter-revolutionary has
no need at all to resign him-
self to present-day unemploy-
ment levels, but he will want
to shift the emphasis to direct
measures to improve markets
which are working badly, above
all foe labour market

3. The quantity theorists.
These are a sub-group of the
counter • revolutionaries, who
believe that the quantity of
money is the main long-run
influence on total spending,
ie Money GDP, and, there-
fore. on the price level.

Quantity theorists stress that
“ inflation is a monetary
phenomenon” but they do not
have to believe that there is a
hard and fast dividing line
between money and other
financial assets or that foe
quantity of money is at all easy
to control under a paper money
system. Quantity theorists,
who have been on foe scene for
several centuries, are well
aware that nearly all past
examples of debasing foe
coinage or resort to the print-
ing press derive from foe
exigencies of governments
which cannot raise enough tax
revenue to meet their bills,

4. The technical monetarists.
These are a further sub-division
inside foe camp of foe quantity
theorists who believe that
there are established tech-
niques for both measuring and

Brans Radovtc

they claim instead that so long
as some key monetary assets,
such as bank reserves plus cash
are strictly regulated, other
kinds of money or near-money
can be left to look after
themselves.

It is almost superfluous to
add that this fourth school is
Friedman’s own. But it may
be helpful to add that Fried-
raaniie monetarists ultimately
want to regulate Money GDP
just as much as James Meade
or any of the other counter-
revolutionaries. But because
they believe that the money
supply can be readily con-
trolled and that it bears a
stable relation to Money GDP,
they do not bother to mention
foe latter especially in their
more popular presentations.

The distinc tion between foe
two main schools — Keynesian
and counter-revolutionary — is
not nearly as sharp in the U.S.
as it is in Britain. Indeed a
whole American industry has
grown up In an attempt to
derive Keynesian conclusions
from counter - revolutionary
premises. For instance, many
American Keynesians adopt a
" consensus model ” in which
they supposedly accept foe
fundamental contention of foe
conn ter - revolutionaries about
foe NAIRir and the long-run
impact of demand management
on prices. But they believe that
foe long run can be very long
and that financial policy can do
little to bring It forward by

controlling money. Sometimes
influencing expectations.

There axe many macro-
economic differences which cut
across all the listed schools of
thought In my own case, X
moved more than a decade ago
from foe first to somewhere
between the second and third
schools. But some beliefs have
carried over from one to foe
other, such as a stress on the
longer term, an emphasis on
expectations, a suspicion of fine-
tuning and a preference for
rules over discretion.

Formerly they were
expressed in support for a
“National Plan” designed to
influence expectations about
real demand. Now they are
expressed in support for a
medium-term financial strategy
to influence expectations about
monetary demand. (In both
phases, there have been
opponents who regard a week in
economics as a long time and
the Governor’s discretion as the
best kind of economic plan.)

Views on “incomes policy'^
of course cut across the main
groups listed in this article.
There are Keynesians who do
not believe an Incomes policy
practical or desirable; and there
are counter-revolutionaries and
monetarists who urge such
policies strongly.

There is, however, this degree
of connection. Counter-revolu-
tionaries who advocate pay con-
trols do so to promote employ-
ment, especially in the longer
term and are attracted to foe
Meade or Layard concepts.
Keynesians on foe other hand
think of them basically as an
anti-inflationary device and tend

The unmentioned

further

sub-divisions

to settle for familiar wage and
price controls, or social con-
tracts with foe TUC.

Yet having hinted at some of
foe complications and hybrids,
and the unmentioned further
sub-divisions, I still think that
foe four main divisions laid
down here do help to map out
foe territory. If. however, you
want a conversation-stopper
when faced with economic
questions at cocktail parties you
might try “I am not a
monetarist, only an anti anti-
monetarist.''

Paris-Bonn ties
under strain

By Jonathan Can in Bonn

IT WAS encouraging to learn
from Chancellor Helmut
Schmidt la his New Year’s mes-
sage that foe ** dose and
friendly relations ** between
West Germany and France have
been “ further secured ” since
President Francois Mitterrand
came to office. Without this
assurance it would have been
easy to suppose that exactly the
reverse was true.

For example, those with fairly
long memories .will recall how
closely Herr Schmidt and ex-
President Giscard d'Estaing co-
ordinated their stand after the
Soviet invasion of Afghanistan.
There hasn’t been much sign of
that over the PoHsb crisis. On
foe contrary foe Germans com-
plain that French reluctance
delayed an EEC Foreign Minis-
ters meeting on foe subject (a
claim which seems to have
aroused some official wrath in
Paris).

Looking a bit further back,
there are Herr Schmidt and
M Giscard privately agreeing to
set up a European Monetary
System (EMS) and going ahead
despite foe worst that the
British (and the EEC farm
ministers) could throw at
them. Nowadays French ideas
for development of foe Euro-
pean Currency Unit and for a
two-tier interest rate system for
Europe bring scorn from the
Bonn finance ministry and foe'
Bundesbank alike — a fairly
rare display of unity from
those two institutions these
days.

When foe Germans were
looking for support last year
for their scheme for a “Euro-
pean Union ” (Bonn never
likes taking such initiatives on
its own), it was to Borne they
had to turn — not Paris. The
very uso-diplomatic comments
made on this idea by a senior
French diplomat in Bonn would
certainly have made German
ears burn — although - admit-
tedly these remarks did not
amount to outright rejection.

Perhaps none* of that is
important enough to undermine
what Herr Schmidt calls the
“further securing” of Borm-
Paris ties. Nor, possibly, are foe
continuing differences over foe
Common Agriculture Policy
(CAP) or foe outbursts of the
French Foreign Minister, H.
Claude Cheysson — for example
on the EEC’s Middle East
declaration. “M, Cbeysson has
always had a sharp tongue —

and no doubt he always will,”
said a Bonn government official
ruefully.

But even if we dismiss all
this simply as a series of storms
in a teacup (or a wine glass or
beer mug as you prefer), it is
still hard not to be gloomy
about immediate prospects far
Franco-German ties. The reasons
are economic id origin, but they
have important political and
psychological Implications.

During the Giscard era foe
French pursued a course aimed
above all at defeating inflation.
They did so not just because
they saw inflation as a “basic
cause” of unemployment but
because they felt success here
was foe key to greater inter-
national competitiveness, above
all against the stability-conscious
Germans. This, after all, was
one of foe main attractions of
foe EMS for M. Giscard. The
discipline needed to maintain
foe parity of foe Franc within
foe system would, he felt, help
provide an alibi for unpopular
stability measures at home.

This policy was not as success-
ful as the French hoped. But
so long as it was being fol-
lowed, the idea of catching up
with, and perhaps even surpass-
ing, foe Germans economically
did not seem absurd. Many
Germans themselves took the
challenge very seriously. A
mutual respect seemed to grow
during those years which went
well beyond the Scbmidt-
Gtscard connection.

Now the worm is turning.
Herr Schmidt politely notes
that German economic policy
lies about mid-way between the
monetarists in Washington and
the Keynesians in Paris, rather
than saying outright he de-
plores both. A member of his
cabinet is much more trenchant,
calling foe French economic
course “simply disastrous." •

The (pretty neutral) OECD
in its latest economic outlook
sees foe French Inflation rate
rising this year to close to 14
per cent and foe German one
f allin g to just over 4 per cent,
while foe French current
account deficit increases nearly
$7bn and foe Germans go back
into surplus. The consequences
for foe EMS need no under-
lining. But more worrying are
the political implications as -foe
divergence of economic per-
formance becomes clear — worry-
ing not just for Bonn and Paris
but for those who have to live
with both within foe EEC.

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Letters to the Editor

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i . ‘ 1 w * 1 .

. ,.~3 t
. <■ L 'i''

a' 8

. ^ o' i

nrl. l ‘‘

Resistance to raising the price of steel in Europe

Frbvi tfie Purchasing .Director,
B6ir;3^<cks'aBa Etiiupment .

- .1 t» .ail awed ip

ifeply to foe letters from Mr Ian
MscGnagoz; Bgithfa ; Steel Cor-
poration chairman . (December.
2Z)\ xod ; , Mr: David . Ppwis. -
dsrectbr of foe National Asso-
ciation' of- Drop/ .Forgers snd-
StwnpersT

Mr MacGregor mates an un-
amroKang -case for ratog steel .
prices toy quoting rises in energy
oewts^^usee 1975 arid comparing
steel prices to January 1982 wUb
1979 prices. '

Hweare totrade to statistics,
let oswtleaftdod to teasonaffly
current «oe«ns>le*._' A. typical,
parral of 100 tonnes of mffld
steel paste hi Jtfty 1981 was
ava&alble from- . stockholder’
below BSC Hatred' ait £195/
tonne delivered:- This zaonfo
that same steel will cost £249/
tonne' from BSC.- or £2© from
rtodfobWer^r*^^ P®

cent and 34 percent higher than
six - monfihs- isgo'. . . Mi l l s , against
■rn^in prices see 20 per cent
higher >& an December.

StoCWtoWers cannot be left
cut of foc ptetare because foe
awratfeaSwtis.- cartel --wtos ; men-

tioned by Mr Powis effectively
prevent stockholders from
negotiating and passing on to
forirz-customexa foe benefit off
rebates and -discounts, which
foey ;previwsly obtained. .
vivt - v cpnri» it will be. difficult
far. steel consumers, imduding
small drop forgers, to resist
steel price rises, but that is no
reason for -not doing it If Mr
Fowls, to attempting to run with
foe hare and hunt with foe
•bounds, . rereads my earlier
letter toe - will see that I said
Hurt we would help our suppliers
to resist steel price rises. I hope-
•tofeer steel users will do the

same-. ■

' if foe Commission and pro-
ducers oam form a cartel, it
.must be equally acceptable for
usersrlo. make their resistance
in’ a collective manner. Govern-
meats .are well, aware thaf
users wieH more, votes than
pawduceas- . • "

It is- a strange form. of eco-
nomics which" ’allows a govern-
ment-backed-' cartel to impose
swingetog increases just. at foe
time when we are ail hoping
•to dtofo bat oif foe recession by

I am all in favour of remuner-
ating efficient producers well
but price increases have to be
earned and justified not only by
reference to oast increases but
also in aoooxdanoe with market
demands, I am very afraid that
the imposition of these increases
will merely slow down BSC’s
resolve -to achieve foe status’ of
an efficient competitive pro-
ducer and hasten foe day vdien
its customers can no longer
afford to deal with it Why
should users pay deariy to
cushion European steel pro-
ducers’ losses?

Both Mr MacGregor and Mr
Powis evade -foe central issue
■which is tibatJSSG must produce
and sell steel at a price which
gives .k a viable business and
enables foeir customers to sell
steel .products competitively
both inside and outside foe EEC.

This they are plainly failing
to do. "What is foe use of profit-
able highly priced steel if there
are no customers?

J. Doran.

Boss Trucks and Equipment,
Grovebury Stood,

Leighton Buzzard, Beds.

Success m selling

From title Deputy Gfttirmdft
Croda International

. Shv—Success toy, foe West i n
selling in.-Japazr is, if anything,'
even more important than meet-
ing Japanese competition tecs;
if the oneway trade balance is
to betfvercoaie." ’ : -

The key is to'- have a product
via a competitive edgeover the
products . "of '■ stadJar - Japan»» •
iM f38B8SSOE~fcB.it ip'pnto» •style,
jiov^ty.^eCEftc^bn, tectalagy
of any combiiHflSoii <tf foes^.
mattes- Neat it Ms necessary to
Sad a- Japanese, interest which
waS benefit ^ wfo-foat«
foe ft*£ott«9-,-:oncfc foend, foe
wiif' interest of tbe_r Japanese ■
startsfo woikfwydtL -

Although fceftpfoa, tt *« nf 1
essential, to haw a wfosidtey »
Japan; foe state effect can. be
oS&ved‘ at' least -to
tent, through 'foe fo*® a
Japanioe tradmg company, care-
fttHy seteoted to avoid conflict-.

jpg . fotwesis- A .'trading
pany, once- the^decision to work
with you is • taken.- toU saturate-
the - European end of- the
partoerfo^?, with service, but it
is 'essential tn - invest sefibr mao*
qgemept tfenfr into becoming
known in ' Japan and to gb to
tame 'jwnw-,:to-. adopt foe
courtesies fo^i cffsmtiy in
me^ngs,- «^ng: ^gcfoer and

foe exchange of gifts, tasteful
yet of modest ebtfE -
; The UK, above aH European
countries, is', well . placed to
penetrate the Japanese scene,
given the right product -and the
will, because of . the enormous
advantage of the .acceptance of
-English as the second language
of Japan and to some extent
even- foe first language in busi-
ness circles.

If is not impossible' to over-
come the non-tariff barriers, the
preference of the Japanese for
buying: Japanese and the differ-
. eat. idea of an acceptable rate of
return. It takes be: more than
the- commitment ■ which the
Japanese themselves demon-
strated when they started foeir
export drives into the West
D. C. Jackson, -
‘Oldbury,

Worley,

West Midlands.

Haying our cards
badly

Fnm the General Manager,
■Consumer Collection DUrisfmi,
British Mercantile Agency

Sir,— I tin in. agreement with
foe spirit of Mr S. Thompson’s
letter (December 17) m that
I feel that foe facility "with
which credit cards can . be*
obtained is to many cases
inadvisable arid in some cases
an invitation to com m it fraud.

The attraction to_foe credit

card company of obtaining new
customers is obvious. The
interest rates Charged are very
high, and to cases ■ where the
credit' card is. issued in con-
junction with a specific firm or
group of companies, then the
issuing group benefits both ways
in that it obtains’ ' normal
commercial profit on the sale
of goods and a significant profit
on the provision of credit.

Having- said all that, credit
was instituted in the 14th
Century a s a means of expand-
ing business, and used correctly
can benefit us 411. I feel .that
foe issuers of credit facilities
(with specific reference to foe
general . public) are possibly
most- remiss to the lack of
education of foe customers in
■foe correct use of the credit
facility). I frequently have to
deal with situations where
debtors quite simply do not
understand the situation In
relation to their credit account

It seems to me that more onus
should be placed on the pro-
vider of credit to ensure that
his customer ' or potential
customer understands fully the
provisions of the credit agree-
ment or contract, the true costs
of the credit given and the
possible consequences if the
debtor does not adhere to the
contract.

A M. Allies.

British Mercantile Agency.
Sidcup House,

12-W Station Road, ’
Sidcup,Kcnt

The Invergordon
closure

From Mr E. Macphcrson

Sir, — There is prima facie evi-
dence that the decision to let
the Invergordon smelter (dose is
based ■ on muddled economic
thinking.. Although it seems
clear that British Aluminium
(and its shareholders) will be
much better off as a result of the
. deal, someone needs to set down
dearly what the estimated effect
of foe deal is on the Govern-
ment’s overall finances, I.e. the
estimated cost/benefit to the
taxpayer of the deal.

The figures quoted for the
subsidy to electricity prices for
the smelter over foe years are
large, but it is not clear whether
these are full costs or marginal
costs. Other questions need to
be answered, such as: will foe
closure increase the profits of
North of Scotland Hydro-
electrid'ty Board? What hap-
pens to the now surplus generat-
ing capacity of NSHEB? How
will this affect NTSHEB's pricing
poKcy? How many jobs will be
lost at NSHEB? Whs# is the loss
of profit to British Rail? How
many jobs will be lost at British
Rail? What alternatives were
considered?

The economics of such a deal
should be a matter of record
for taxpayers.

E. C. S. Macpherson.

Ncdd Lodge,

Drumbeg*

Lairg,

Sutherland.

Lloyd’s extraordinary
general meeting

From Mr. N. Parker

Sir,'— A rail strike threatens
to interfere with the extra-
ordinary general meeting of
Uoyd’E .on January 13 by
preventing members outside
London from attending when
neither proxies nor postal votes
will be acceptable. Those
affected should write to foe
chairman of Lloyd’s demanding
a change of date, thus providing
him with foe opportunity to
disprove rumours that he dis-
courages attendance at general
meetings.

The chair man could, however,
permanently counter ' such
rumours by the simple
expedient of conforming to
normti business practice by
allowing votes by post or proxy
rather than insisting upon
personal attendance by voters.
Indeed he has already set a
precedent for such voting pro-
cedure and merely by following
bis own precedent he could
have avoided the present ridicu-
lous situation.

N. Parker.

56, Curzon Street, WJ.

mStpumr

In 1977, only some 800 electric
air-to-air beat pumps were sold to
businesses in Britain. But now it is
estimated that 4,000 units a year axe
Being installed-

What is the reason for this sudden
explosion in demand for this particu-
lar form of heating? What has hap-
pened in the last few years to awaken
interest in electric heat pumps?

EBnSBgY OUT QgTHOTAIB.

Quito simply as energy costs have risen in
recent years, so heat pumps have become
Increasingly attractive. While the fixture of some
fossil fuels looks less and. less secure, the heat
pump draws on the worldh oldest and most
freely available source of energy

gM omre g^ g o mre

In a recent article, The Times described the
heat pump as *a .somelhing-fbi^notlihig tech-
nology*! The electric heat pump works rather
like a fridge in reverse: it extracts useful heat
present in the environment, whether in the air;
water or the ground, than boosts it to provide
heating for the atmosphere Inside a building.

go remar kabl e is the system, that it can
produce useful heat even in the depths of
winter.

40 % asyigss

But while the energy crisis concerns every-
one there ars many more down-to-earth
reasons why businessmen are jumping at the
opportunity to install electric heat pumps. The
inondple of the heat pump means that it de-
livers more usable energy than it consumes; a
simple equation that can addup to considerable
energy savings. In some cases these savings
have totalled as much as 40% .

ggTOKELBCTBIC

These savings, of course, are redundant un-
less their continuation Is secura Electricity, the
worldfc most flexible energy source, provides
that security. Indeed -there are' already some
cases where alternative fuels are simply not
available for commercial use. •

PLAN'

TBXBP AST) tiBgfisS

Electric heat pumps are available In a range of
■ packaged. units suitable for all types of commer-
(tialpremises-They are simple to install, andrun
automatically They have been tried and tested
in offices, schools, shops and major stores like
Mothercare and C£?A The electric heat pump
is no longer science fiction. It is science fact.

ABBEAggH O? COOL ATR

If the benefits of the electric heat pump as a
heating system alone were not enough, they
have another; unique, advantage over con-
ventional systems. When cooling, rather t h a n
heating, is required, electric heat pumps can.
simply switch ovst to produce aflowof codfrosh
air So although the British weather will doubt-
less make heating a priority staff or customers
will be able to enjoy a pleasant climate from.
January to December

HEBETOSTflY

If you are in the process of building or
refurbishing, the electric heat pump could
dramatically reduce your energy consumption
and provide a secure, pleasant, year-round en-
vironment for your premises. Bernard Hough,
at the Heat Pump and Air Conditioning Bureau,
can discuss details ana show you case histories.
In short, he. can tell you why the electric heat
pump is here to stay Call him on Freefone
£282, or complete the coupon.

Pm cxmsidarlng a new heating 6yetem.
HeatoseMinetiiafectsaml figures
about electric heat pumps.

Company Address

I Post to: The HtetPumpanflAir Omai Hon i ng Bureau, I
30 MQlbank, London EW1P4KD. 1

Lt M 3HPAfr_ J

i

Financial Times Thursday January. 7 1982 ■

Companies ana' Markets

UK COMPANY NEWS

; - - \; V, -

letter second half lifts McCorquodale

Mr Alaslair McCorquodale. the chairman of McCorquodale
and Co., who described the results for the year ended.
September 3C, 19S1, as ** reasonable.”

FOLLOWING A better second
half taxable profits cf
McCorquodale and Co, the world-
wide specialist printer, finished
the year to September 30 1981
slightly higher at fS.Olm, com-
pared with £4 .9m.

After six months they were
down from £2.7m - ti> £2 .34m but in
his interim statement Mr Alastair
McCorquodale. the chairman, said
he felt confident that with the
growing strength of. the overseas
operations group profits for the
full year would be close to those
for 1979-80.

Commenting on the lull year
results, which he describes as
“ reasonable ” in view of the
climate which prevailed through-
out the period, tire chairman
points out that the group's over-
seas activities continued to grow
and that their successes; played
a major part in protecting the
group as a whole from the severe
recession in the UK.

Group turnover for the 12
months rose by £10m to £90. 74m -
with associates contributing
f&.llm, compared with £4.32m.

Overseas trading profits before
interest came through at £2.41m,
against £1.65m. a rise of 46 per
cent. However, UK trading
profits before interest fell by 7
per cent to £3.98m (£4. 3m).

The pre-tax surplus was struck
after higher interest charges of
£1.55m (£1.19m) and included
investment income of £159,000.
against £136,000, and a share of
profits of associates which
improved from £1.13m to £IJ29m.

Tax took more at £ 1.02m
(£708.000)

Stated earnings per 50p share
declined from 26.06p to 24.5p but

BOARD MEETINGS

The full owing companies have notified
daUa of beard (nestings to rfce Slock
Exchange. Such mattings are usually
held for die purpose of considering
dividends. Official indications ue nut
available as to- whether dividend? -are
interims or finale and t.ifl subdivisions
shown below are based merely on last
year's trmetabio.

TODAY

Interims: Peter Blade. Bacron-c
Rentals. Robert Kichen Taylor. John
Waddington.

Finals: Birmingham Pellet Hickson
end Welch.

FUTURE DATES

Interims —

the total dividend is being
increased from 7.S9p net to Sp —
the final is the same at S.25p.

.The directors say that the
decision some years ago to in-
crease the size of the group's
overseas activities is now begin-
ning to bear fruit and that they
will continue to search for new
specialist growth opportunities
both at home and overseas.

• comment

McCorquodale's 2.3 per cent
advance at the pre-tax level is
substantially a vindication of
overseas expansion, aided by
currency movements. Trading
profits increased by 46 per cent
abroad, which marginally out-
weighed a 7 per cent drop in
the UK. Profits in the U.S.
reached 10 per cent of the group
total and are still rising: the-
Falconer cheque-printing opera-
tion finally broke into' worth-
while profits, complemented by

Etoardman (K.Q-I Mnl

Caarts (Furnishers)

G.T. Japan Invest. Trust

MFI Furmtare '

MBrcenHo House

Rainers (JeweHcrs)

Finals-*

Am&lg. Tm Mines of N-ser-a ..
Daily Mail and Gsnerai Tru&t

GreBnfriar Investment

Muirhead

South African Land & Expire.

Soudrvaal

Tats and Lyle

VjhJ Reefs Exploration and

Mining

Western Deep Levels

Westminster Prpparty

a contribution from Kentucky
Litho. which is now trading more
vigorously after a lack-lustre
start At home, McCorquodale
gathered in a satisfactory return
on its 19S0 investment in closure
costs (mainly related to type-
setting). Having since closed a
packaging plant, cut dovn on
wire and cable equipment, and
withdrawn from book-printing at
NewLon-Ie- Willows, the group
should achieve greater loss
eliminations in 19S2. In the past
year, selling prices have not kept
pace with input costs, so the
ability to sustain UK margins
this year may need further pro-
ductivity gains: 1981 's improve-
ments may not he too easy to
reproduce. At 136p, up 6p. the
shares trade at just under nine
times fully taved earnings. Well
underpinned by a yield nf $.8
per cent, the price assumes that
demand for cheques will con-
tinue to resist the encroach-
ment of electronic banking.

General new annual business hits £102m

RECORD NEW life and pension
husines; in IDS! is reported by
Legal and Geneva! Group on :in
world-wide business, wlih now
ann'.idl premiums rejcb:n =
ElOnm for the fim tom.?, rising
3? per cent from EBS.6m to
£102 ?m. Single premiums were
nearly 70 per cent higher at
£60.Sm compared with E36m.

The company, the second
largest life company in the UK,
had an' excellent year for new
individual life and pensions
business in the UK. New annual
premiums rose by a quarter from
£25 Sra to £32. lm and single
premiums doubled from £ 16.4m
to £35.Sm.

Ordinary life annual premiums
increased by C3 per cent from
£19.1m to £23.5m while self-
employed pension annual
premium-, -rose nearly 40 per
cent from £3.1m to £4.3m. The

single premium growth came
mainly from sale of guaranteed
income and growth bonds, while
self-employed single premiums
jumoed from £500,000 to £2m.

However, on the company, tbi
laregst pensions company in the
UK. bad a mixed pattern of
business on its group pensions
side. New annual premiums fell
over S per cent from £66-4m to
£6C.9m. of which £47. 4m came
from insured schemes and
£ 13.5m from managed funds.
However, single premiums on
group business -advanced 27 per
cent from £lS.7m to £23.Sm of
which those to insured schemes
amounted to £9Bm and those to'
m!ina$r«d funds came to £13 9m

Mr Rod Peet, L and G's chief
pxecutive, said that this reduc-
tion in pensions business was
expected, reflecting the recession
and lower wage settlements.
However, in the case of com-

panies negotiating improvements
m existing schemes or coming
to Legal and General for the first
time, total new business was
comfortably higher at £35.6m
against £3 1.5m;

The company's linked life
subsidiary had another good year
:n 19S1 with annual - premiums
almost doubling from £2.4ra to
£4.7m and single premiums up. by
half from £13m to £19.4m.
These figures are included in
the total UK figures.

The group's overseas opera-
tions also showed strong
growth, esoecially in Australia,
where annual premiums rose
from £&.7m to £5.9m and single
premiums from £400,000 to
£700.000-

Strong growth in its world-
widr life and pensions business
is reported for 19S1 by Phoenix
Assurance with a rise of more
*han 20 per cent in new annual

premiums from £22. Lm to £27.1m
and a 5 ' per cent increase in
single premiums from £23.4jn
to £24.6m.

Business ' was buoyant in the
UK in all main sectors of the
market. New annual premiums
on individual policies rose S per
cent from £6ilm to £6.6m. and by
nearly 15 per cent on group life
and pension contracts from
£S.9m to £10'.2m..

But the main growth in annual
premium business came in the
linked life subsidiary property
Growth Assurance with a rise of
over 50 per cent from £3.9m to
ES.lm. This latter growth was
FhaTed between life business at
£3. 5m and pensions business at
£2. 6m.

Sin el e premium business in
the UK showed a more static
picture for linked- business with
premiums of fIS.ftm against
£lS.5m from Property Growth.

But on traditional business in
Phoenix; single premiums nearly
tripled from £500.000 to £1.1 m.

New sums assured at £2.96bn
just failed to reach the £3bn
mark.

A good year for new life and
pensions business is reported by
Merchant Investors Assurance
Company, the UK linked life
subsidiary of the Dutch insur-
ance group Nationals Neder-
landen. Annual premium
business increased by 45 per
cent to £4.Sm. with both life at
£2.7m and pensions at C2.1m
showing similar rates of
growth.

Unit linked single premium
sales last year jumped nearly 50
per cent to £20m. with one-
quarter or the total sinsle
premiums coming from the com-
pany's new- International
Currency Fund launched during
1981.

Tooling Investments rise
aided by Alfred Herbert

Qwest Automation predicts loss

A MAJOR contribution from the
Alfred Herbert high technology
machine tool business has helped
Tooling Investments to produce
a more then fourfold rise in
profits in the year ;o July, 19Si.

Tooling, a private West Brea-
wich-based engineering company,
took -over the Herbert lathe

January 6

Price

■for—

Banco Bilbao

... 325

Banco Central

... 335

Banco Eatenor

... 303

Eao:o Hiapano

... 325

Banco Ind. Cat

.. 115

Banco Santander

.... 347

Banco Urquiio

. .. 213

-1

Banco Vucjya .

-03

Banco Zaraqoca

.... 218

-2

Orejados ...........

.... 130

+6

Espanola Zinc

60

Fccaa

58 7

-6

Gal. Preoados

43

Hidrola

.... 637

— 12.8

lbardu6i-o

. . 50

-8

Pctrol»os

. . 87

-2.5

Pa-rn'iorr

101

40

Telaionica

72

-1

Union Eiect. ..

65

-7

manufacturing and tool recon-
ditioning operations when the
big state-owned machine tool
group collapsed in raid-1830,
iravin? the Government with
F* c m in losres. Later, Tooling
a'- - bought Herbert's U.S. and
subsidiaries.

Turnover of Tooling baa grown
from £3.5ra to £15.9m, and profit
before tax from £03m to £3.7m.

Mr R. M. Lynch, chairman,
said that the major impact on
turnover and -performance had
come from the acquisition of
certain Herbert businesses, “in
particular, the high technology
machine tool manufacturing
business at Edgwick, Coventry.

•‘We have been particularly
pleased with the reaction we
have had from customers to the
Herbert high technology lathes.
Our order hook is looking
healthy, production is being
increased and we expect Alfred
Herbert to continue to make a
significant contribution to our
profits.”

AN UNAVOIDABLE pre-tax loss
is forecast for tie year by
Quest Automation after the first
half taxable deficit surged from
£347.000 to £1.46m for the six
months to August 31 1931.

The company's performance,
say the directors, is directly
linked to the capital investment
policy pursued by the industry
as -a whole. They say the results
for the current financial year
were materially affected by
world recession.

The taxable figure wast struck
after ghaTply increased research
and technical expenditure of
£901,000, against £449,000 pre-
viously. In the last full year
pre-tax profits of this manufac-
turer of computer aided design
equipment, stood at £313,000.

The group pursued its longer
objectives, say. the directors,
despite adverse consequences.
In the short term- the planned
expansion of marketing and
technical areas is being im-
plemented. This has had the
immediate effect of increasing
costs without a corresponding
return in income. They add that
these short-term costs are un-

avoidable if the company is to
parti epate in the computer
market.

The company's wholly owned
subsidiary. Computer Instrumen-
tation. acquired in May 1931, has
been reorganised recently. The
short term costs will be felt in
the second half, but the directors
axe confident of increasing
profits.

The acquisition of Genesys in
June 1980 has led to a negative
return in the period to February
1982. The directors state that the
turnover is likely to be up to
expectations and results should
improve.

Future performance for the
group continues to be dominated
by the state of the economy, say
the directors. They add that
major capital expenditure is
significantly constrained by a
continuing lack of confidence,
and until this returns the com-
pany cannot reap the benefits of
its investment policy.

• comment

Quest makers of computer aided
design and manufacturing
systems, obtain a full stock

exchange quotation only last
November. Yesterday's interim
loss of almost £l*m, wtuch does
not include doubled research
costs of £900.000. astounded the
market: the share dropped 25 per
cent to lOOp. The main problem
has been lack of demand for the
large (£30.000 plus) systems
which account for the bulk of
turnover. Despite this the com-
pany i s continuing to plough
money into fixed assets. The
company is trebling the product
range of the 19SQ acquisition
Computer Instrumentation, and
the costs of this will appear in
the second half figures. Quest
exports about 65 per cent of
turnover, but has no foothold in
the U.S. which comprises 60 per
cent of the market. Instead it
has always been a big exporter to
the Warsaw Pact, now a very un-
certain market in the high tech-
nology field. A similar drop in
share price - after las* year's
interim loss of £347,000 was
reversed in a couple of days.
With the company for the first
time forecasting a loss over the
full year, a similar recovery is
not likely this time round.

Brown ■&
Tawse at
£1.36m

A REVERSAL from interest pay-
able cf £359,000 to interest
recerveable of £97,000 brought
taxable profits of Brown and
Tawse to £1.38m for the first half
to September 30 1981 compared
■with £1.03m last time, after
operating profits fell from £1.42m
to £L26m. Sales dropped by
£2BIm to £23.69m.

The interim dividend of this
steel and tube stockholder and
engineer is -being maintained at
1.4p net per 25p share— last year
a total of 6.4p was paid on tax-
able profits of E3..57&L Earnings
per share for the six months axe
given as 6.3p (4.Sp)

Mr S. Douglas Rae. chairman,
says that demand for steel and
tube products has remained
weak, but there are some signs
of a modest recover;-. '

The directors fully expect the
improvement in group profits will
be continued during the second
half of the year, he adds.

After tax nf £705,000 (£535.000)
and preference dividends of
£2,000 (same), attributable profits
emerged at £649.000 (£493,000).
Dividends absorb £145.000
(£144,000) leaving retained
profits of £504,000 (£349,000).

9 comment

The sharp interim recovery at
Brown and Tawse stems almost
entirely from past cost-cutting,
particularly on the sale of the
plant hire fleet which eliminates
- the losses of some £150.000 in
the second half last year. But
profits could well double this
lime to take the group a fair
way along the recovery path to
a fully taxed p/e of 9.3 at 140p.
up lOp yesterday. Much of the
impetus mil come from plant
sales, particularly exports of
hydraulic breakers, which should
stimulate tbe contribution from
the non-stockholding division to
about £700,000 against, just
£29000. More importanly. the
steel industry has pushed
through two price increases
since October and these appear
to be sticking. Volume has risen
in anticipation of these rises, if
not by very much, and demand
should remain quite firm ahead
of the smaller price increases
planed for April and July. Their
aggregate effect will almost cer-
tainly lift the group's working
capital requirement (the turn-
round to interest receivable has
had a significant say in the pre-
tax upturn) hut the converse
should be a significant stock
apnrcciation. Thera is scope, too.
for a dividend imoroveraent this
year: the hi/oric yield is 6.6 per
cent which would go to 7.6 per
cent if the net final is hoisted to
6p per share.

Underwriters
take 68% of
Abwood issue

The £225,000 rights issue
launched by Abwood Machine
Tools, the troubled Dartford-
based machine tool manufac-
lurer. has been taken up by only
32 per cent of shareholders.

The balance of 2,312.449 shares
has been purchased by the
underwriters at a subscription
price of 7.5p per share.

In October of last year a
private company called Wood-
rush Investments, formed by
former Wilkinson Match chair-
man Mr Denys Randolph and
Mr Reger Petty, previously a
managing director of Renwick
Group, proposed an equity in-
jection by subscribing £80,000 in
cash for a 32 per cent equity
stake in Abwood.

However, this move was super-
seded by the rights issue uader-
witten by stockbrokers Bone
Fitzgerald. The principal sub-
underwriter was Madison Invest-
ments. a Cayman registered com-
panv controlled by Mr H. K.
Chat, a Chinese businessman
living in Malaysia.

Malaysiam Tin
set for USM

i ri

Malaysia® Tin, whose shares
were suspended . on the Stock
Exchange last April pending
approval of a reverse takeover
bv two property companies
owned by Mr R. W. Moore, is
being introduced to the .Un-
listed Securities Market
Folowing the expiration of its
Malaysian tin mining leases in-
19S0 Malaysiam ’s trading ceased.
Its income since then has come
solely from cash deposits of
£104,000 at March 3L 1931 and
the group's holding of Louyho.
shares, reduced during the
current vear from 189,000 to
139 000. Pre-tax profit in the

year to March 1981 was £43,000.

’ Mr Roland “Tiny" Rowland,
chief executive of Lonrho, sola
his 19.5 per cent stake m
Malaysiam and resigned as . a
director last spring at about the
same time as Mr Moore bought
a 21 per cent interest
The acquisitions of R. "W.
Moore (Developments) and Elm-
forest (Properties), which were
first announced in April, were
approved by Malaysiam share-
holders last month.

The two companies specialise
in small residential develop-
ments in the higher price ranges
in the West Midlands, but are

also expanding into commercial
. development. Combined turnover
has grown from £331.000 in 3976
to £538,000 in the 15 months to
March 1981. Rental inrame over
the same period has risen from
£363 to £103.000, and pre-tax
profit from £28.000 to £92^)00:

The balance sheet at March 31
shows net tangible assets of
£318,000 after bank overdrafts of
£56.000 and loans of £20,000.
Development properties are
valued at £376.000, but a valua-
tion in November 1083 put the
value of ,the group’s properties
at £744,000. '

A pro-forma balance sheet at ,
March -31. 1981 shows the com-
bined net. tangible assets of
Malaysian and the two property
companies at £404.000 before the
property revaluation.

The consideration for : the -
acquisitions .was 700,000.' shares
of Malaysiam, 54 per cent of
those issued, plus £30,000 cash
for Elmhurst. •

The shares of Malaysiam
stood at 65p when dealings
were ' suspended on. the . Block
Exchange last April 30. Dealings '
-on the USM are expected to
begin on' January 11.

The Introduction has been I
arranged by stockbrokers Mar-
getts and Addenbrooke. East.
Newton.

Akroyd & Smithers aims
for futures involvement

IN THEIR statement accompany-
ing the accounts for the year
ended September 25 1981 the
joint chairmen of stockjobbers
Akroyd and Smithers say they
are 'determined to involve the
company in the new London
International Financial Futures
Exchange (LIFFE) which is due
to open in the Autumn of this
year.

The joint chairman, Mr Brian
Peppiatt and Mr Timothy Jones,
say two seats have been pur-
chased and point out that growth
in the number of contracts traded
in the Financial Fixtures Markets
in the U.S. had been - “ extra-
ordinary ” with the volume of
business often substantially
greater than in the traditional
market

As reported on November 20
the group’s pre-tax profits for
the ye^r were £6B7m (£20-55m).
before extraordinary debits of
£l.Q2m (nil). The consolidated -
balance ^ sheet shows current .
assets of- £965.11 m (£1.14bn), in-
cluding bull positions of ,
£267.8m (£426.38in), and bank t
. balances and cash £11.1 lm
,(£20.08m).

Current liabilities stood at
£938.97m (£1.12bn). • including -

bear positions of £322.4Sm -
(£409.39mY. Movement iii net
liquid funds shows decrease in
bank balances £8.S2m (£14.99m
increase) and decrease in bank
loans. £5.64m (£2S-26ra increase).
Meeting: Austin Friars House.
EC, February 4, 12.30 pm.

Yearlings total £12.1m

Yearling bonds totalling
£12. lm at 154 per. cent redeem-
able on January 12, 1983 have
been issued this week by the
following local authorities. - -
Basingstoke and Deane BC
£lm; Cheltenham BC £0.5m:
Kings Lynn and West Norfolk
(BC of) £lm: Coventry (City of)
£lm; Tweeddale BC £0J2Sm;
Wycombe DC £lnu Harborottgh

DC £0.6m; Alnwick DC £0.25m;
South Bedfordshire DC £(L25m;
Swansea (Council of The City
of) £05m; Birmingham (City of)
DC £lm; Fife Regional Council
£lm; Lambeth (London Borough
of) £0.ffm; Angus DC £0.5m;
Mofherwell. DC £lm; Oldham
“Metropolitan BC £lm; South
Lakeland- DC £D.25m;. -Bedford-
shire CC £0.5m.

NORCAP INVESTMENT
MANAGEMENT LIMITED

has changed its name to

Morgan Grenfell in bank venture

Morgan Grenfell, the City
accepting house, has established
a Swiss bank. Banque Morgan
Grenfell en Suisse SA, in Geneva.
It has a paid-up capital of
SwFr 5m and will concentrate on
investment management and
trust activities.

Morgan Grenfell has had a
Swiss finance house. Morgan
Grenfell (Switzerland) SA. since
the mid-1970s and this will con-
tinue to operate. Mr D. V.
Bendall, a director of Morgan
Grenfell, has been appointed
chairman of the new venture.
Alexandre Hay. formerly of the
Swiss National Bank, is vice-

chairman.

The new bank will provide
current account facilities in all
major currencies and will under-
take foreign exchange tran-
sactions and international
transfers. It will provide the
full range of investment manage-
ment operations and corporate
advice.

In common with other Swiss
banks it will offer numbered
bank accounts. All information
relating to the Identity of
account holders will be com-
pletely. confidential and known
only to Banque Morgan Grenfell
en 5ui5.se as prescribed by the

relevant Swiss -banking and pro-
fessional secrecy provisions. The
bank says that for clients who
wish to have additional protec-
tion *' special arrangements and
legal vehicles can be set up in
various suitable jurisdictions."

The minimum size of portfolios
the new hank wiR handle under
discretionary management is
SwFr 500.000 (3*278,000). For
fiduciary deposit accounts the
general minimum is S25.000 in
the U.S. currency or the equiva-
lent of Si 00.000 in other major
currencies. There is no minimum
requirement for straight custody
accounts. -!

RESULTS AND ACCOUNTS IN BRIEF

EDINBURGH INVESTMENT
MANAGEMENT LIMITED

Registered Office

3 Chariotte Square Edinburgh EH 2 4D5
Telephone 031-225 4571

Reed International limited
Unsecured Loan Notes 1985

first issued in July 1980 to electing •
shareholders in London & Provincial
Poster Group Limited , .

Notice is hereby given that the annual rate of interest
payable in respect of the Unsecured Loan Notes 1985-fbr
the six months Interest .Period from . I January 1 982" to
30 June 1982 shall be 1.1 l Via"o per annum. The relevant,
interest Payment Date will be 30 June. 1 982.

M. J. H. Nightingale & Go. Limited

1356 61 66 71 75 ' SI

1955 61 65 71 75 SI

Extracts from Chairman’s statement fortheyearto 31 October 198L

• ‘Your board attaches particular importance to the concentration of our rfforts and our,
resources in growth areas.’

• ‘At the year end the total value ofour- unquoted investments amounted to some £7 TniTh'nn
and there was a further £l'/z million committed to future investments in this area. 1

© “We now have some £97 million overseas. Over the last two years we have invested •
£SV: milli on intfceUSand£9^nriIljanin the Far East uhere we have 20% ofour funds.’

HUNS LET HOLDINGS (engineer)—
Results lor year to August 2 1981
reported December 12. Shareholder*
funds £7 64m (£S.44m); net. current

assets W 48m (£3 48m); lised assets
£3.41 m (£3. 45m): increase in houidltv
£3 .44m (EB98.cn decrease). Meeting;
Loads. January 18, 11.09 am.

DUNDEE AND LONDON INVEST-
MENT TRUST— Results lor year to
October 31 1981 rz ported on Dccamb9(
4. InwestmcPia listed at market price
i m Britain. £l3.C2tn (E14 5m). outside
Britain, £S.22m (E3.82m); uniislad
directors' valuation. £589.145
(£421.360): current asset* £811,793
1 I £56 8.323). ineluding Waposits
£628.805 (£195.003): shareholdors"

funds £13.1lm (CIS. 55m)! The policy
of i noraasrea investment overseas,
principally Japan and North America,
has bom continued at ate expanse of
the UK portfolio. Meeting: Dundee,
January 20.- at noon.

NEW THROGMORTON TRUST— Nat
asset value per £1 of capital loan etoek
Is Z77.67p.

BASS (brewer)— Results for lha yaar
ra September 30. 1381, reported Decem-
ber 9 with chairman's observations on
prospccis. Group shareholders' funds
£1.2bn (n&3 6m). Fixed assets Cl.ISbn
(ES31.4m). Net current assati £11 6m
(£S9.2m). Meeting, Bloomsbury Crast
Hotel. W.C.. on January 29 at noon.

AE (precision engineering com-
ponents]— Results lor year to Septem-
ber 30 1981 reported December 18
Shareholders Funds £143. 4m t£145.5m):
loan capital C51 7m (E47.8m): short
term bank loans and overdrafts £23. 5m
(£31 ,4m ): fixed assets £102.5m
(£1D6.3m): net 'current assets exclud-
ing bank overdrafts £122. 6m (C139.6m):
decrease in working capital £l7m
(£24.1 m increase): decrease in bank
borrowings £22,2m (Cl 0.8m increase).
Meeting: Savoy Hotel, WC. February 4.

4 pm.

CHEMRING (electronic counter-
measure products)— Results for the
year ended September 30 1981 reported
December 19. Shareholders' (undo ,

27/28 Lov« Unt London EC3R 8EB

The Scottish Investment

^111111+ IV nit ■ujalLflii

DIVIDENDS ANNOUNCED

Date Corre- Total Total
Current of sponding for last
„ _ __ payment payment div. year year

Brown and Tawse .;.int. 1.4 Apr 6 1.4 — 64

McCorquodale 5.25 Feb IS 5.25 3 7.89

Technology Xnv..Tst. ujl 1.6 Feb 9 -l.fi — 4.3

Dividends shown pence per share net except where otherwise
stated. Equivalent after allowing for scrip issue, t On capital
increased by rights and/or acquisition issues.

The Scottish Investment Hust PLC, 6 Albyn-Pkre, Edinburgh EH24NL.

*2. 06 m (£1 73m). Fixad mars
£644,506 (£625.087); nat current aasau
£1.54m (£l.4iit). Decrease in ner
Tiquid lunds £565.346 (£823,398

increase). Meeting: Portsmouth,

Jannaiy 29. noon.

H1QSONS BREWERY— ReauftB for 53

weeks to Ocrobsr 2. 1381. reported on
November 18. Shareholders' funds
£28. 33m |E?5.19m); fixed essera

E26.S4m (£25. 44m); investments El ,08m
I Cl .07m): current assets E4.33m
(£4 2Am). including each and bank
balances £238.939 (£493.8261. Meeting,
Liverpool. January 29, at noon.

w i rmnto bottom energy trust— ,
On Dscembor 18. net asset value per
share 79.8p after deduction of prior
charges at per. end 82.7p after prior-
charges at market value.

BOSCOMBE PROPERTY COMPANY—
Pre-ta* prarf half year to September
30 1931 £78.688 (£33,338). Tax £40.920
(nil). Earnings per* share 36.0&p
(71 .6p).

NJL.V. at 31.1Z37

556-SI (DFUT42j03)
VIKING RESOURCES
INTERNATIONAL
N.V. '

INFO Pierson
Hridrtng & Pierson N.V.
Herengreeht 214. AimtardHi

Telephone 1 01421-1212

1931-83

High Low Company

ri6 100 AB1 Hldgs. 10pe CULS-

75 B2 Airsprung ....;

Armrtage & Rhodes ...

300 187 Bardon HUi ;.

86 Deborah Services

128 97 Frank Hot sal I

88 39 Frederick -Parkar

78 46 George Ble»r

102 93 | pc ;

ISIS Ind. Sent. CRCPS
95 Jackson Group .........

J3Q 1C8 James BUrrough

334 353 Robert Jonktnr

a 5i scruttona. "A”.

222 167 Torday &’ CwTwIe

15 10 Twin lock Ord.-

80 66 Twin lock 'l5pc (JL5 ...

44 29 Unilock Holdings

]03 77 Walter Alexander

283 212 w. S. Yeetes.

Price* now available

t, . • G™? 1 Tiefd Fully

Price OTang* div.(p) % Actual taxed

IIS' +1

63 —

43 - i:

200 - — '

SSr- .-

. + 2 .;.

-67 — .

48 ■ —

10: 0 • 8 .5
4.7 6 3

4.3" 10.0
97 4s9

5.5 -,&4

6.5 —

63 1.0.B

4s9 . .8.7 n.8
'■6:4-.- 4.3.. 0.1.
5.0 . 11 S 23.7
2.5 .29.1 ■ — :

97y.d

• 'u

.7.3 7^,

7.0. ,10^ '

104.

T 4

- 15.7 16.1.

' 97

7 .1

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3.1 :

112

•' i—

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' 8.2 10-3 .

256 .

- 2

31.3 1Z2

, 3-6 .. 8.0 • •

54

—

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167 .

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54 95

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74

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—

6.4 .83

Si- ’ %B r-j

214- .'.

13.1

.4.1 B.2

-an Praatai page 48146.

THE THING HALL
USM INDEX
11GL9 f — 0JS> - . :
close' of business 7/.1/82

®ASE DATE 10/11/80 108
Tel; 01-638 1591

■'•'.• '^^ncial- lories TferisdSy ^Efeary‘7 : ii82'

S& MINING NEWS BIDS AND DEALS

21

lEStf...

r ki 'lit)

22% iiNewmont

Cl 1 C -^' J ^

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C3. W

BY K84NE1H MARSfOM, MOVING EDITOR

LONDON'S OonsoUcW^d ' Gold
Fields- has now completed: 'the
major phase of ite^rtgraininft for
purchasing shards fo'Atnerlda’s
Newmont Mining. 1 Last .- 'month,

Gdld Fields* JJiS.' j femeon rsub-
«diary= bought a farther. 332^00
strains in Newmont, bringing the
total to 21.95- per cent; or R.06m
> shares. .-■■•: . ;- .r ; •- v -- .

Prices paid per. shots by Gold
Fields for the purchases have
varied ftdm. as high -as 972 to
down .to :aj»oat $44, but the
average: Comes out at around. $39.

On this basis the total paid for
the 6.08m' shares ' acquired in'

Newmont comes out at arc and
$357m (£18Sm}.‘ - -.

Under the agreement readied
between the^ two mining groups.

Gold Fields was permitted to

‘ purchase up to a maximum of 22
per cent of Newmont before
September l 1932. Thereafter.
Gold Fields may- further increase
its holding to a mwiminn of -26
per cent by the end -of 1984.

•When Gold Fields disclosed in
.fipnl. last year that . it hdd
acquired some 7 per cent .of New-
mont in open market purchases,,
the price of the latter shares was
standing at $86,.l£ has since fallen
to $42 in line with the general
trend of natural resource issues.
.Hit by low prices for copper
and gold, Newmonfs earnings in
the third quarter' of last year fell
To $24m to make a nine-month
total of 971.15m, 'or $2.71 per
share: This ' compares with
5162.6m to • the. same period of
1980.

Placer cuts
moly output

THE. .POOR market conditions
for molybdenum end. the con-
sequent cutbacks being made by
world producers of the steel in-
dustry metal, .outlined here tu
December, are continuing: '

Canada’s Placer Development,
which earlier announced that it
was reducing its 1962 output to
8.5m lb' from 11m lbe in 1981
now says that it is cutting the
annual production rale at its
Endako .division to 7.13m Jb.

Apart .from limiting Placer’s
growth of unsold stocks of moly-
bdenum, the cutback Is ' also an
economy measure aimed at
redding the consumption of
energy, ' grinding media and
reagents at the company’s
molybdenum mill. .'

Placer’s earnings for the first
nltae months of 1981 fell to
CS33;i3m: .- - f£13.6m) from
CS66.33m in tiie same period of
1980.

3£r- C. ABea Bern, the presi-
dent pototed out in November
that tile average, price received
for molybdic oxide tn 19S1 had
declined-, toy some- 16 per - cent
from the same period of 1980
and was continuing to fall while
average copper, prices were
abend one-fifth down. 1

Inco cutback
at Sudbury

CANADA'S' Incci. the world’s
leading nickel producer, plans
further to- reduce production at
its Sudbury,* Ontario, operations.
It is now proposde to trim
moke! outputs' there to 195m lb
for 1982 Cram tile 20m lb
produced Jest year.

The - company’s other major
Canadian nickel division, at
Thompson in Manitoba, has an
anmud output rate of some 90m
lb and has recently resumed
operations after a three-mootffi
strike. Outside Canada, the com-
pany’s Indonesian nickel opera-
tions produce some 45m tb a
year.

CANNING BASIN

. The Blina No. 3 well drilled in
the Canning Basin of Western
Australia, has flowed oil to the
surface according to reports from
Sydney. -' -

No details, of flow rates were
disclosed. - Among previous' wells
drilled at th6 Blma exploration
area, -Kink 1 flowed oil at -fates
of aronnd 900 barrels a day and
Bliha '2 at a rate of around 95
barrels a day.

TREASURY STOCK ALLIANCE INV.

The. Bank of England states .. .
that no conversion^ offer will. be
made in respect of 14 per cent
Tre&suiy stock 1982: The stock
will be- redeemed at par ' on
March 16. Redemption request
forms will be Issued, on - January
2fr.

. Alliance Investment had un-
secured currency- loans, on a
short-term basis, .which, totalled
Yen 850m and £2 at December 31.
Since that date £Lm of the latter
sum .has 'been rolled- over - as
Yen 425m.

LONDON TRADED OPTIONS

Jan. 6 "Tcrtel Contract* 1,101* Calfe 873. Put* 228.

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gjr Registrars Department

National Westminster BankLimited has
been appointed Registrar of • ■

George Spencer
Limited

Ttetional WfestrfiifisterBank Li mited . ..j ^

1 .Registrar’s Department
PO Box No 82
37 Broad Street
- - Bristol BS897NH

Telephone. Bristol (STD Code 0272)

Register enquiries 290711 ■

Other matters 297144 .. .

Intnl/Paint builds up Holden stake Ax 011 R»t>beracquires

r nine retail outlets

International Faint, tire SS per
cent-owued subsidiary of Court-
aulds, yesterday purchased 12
per cent of the capital of Arthur
Holden, the Birmingham-based
specialist 'manufacturer of
surface coatings,

IP announced - that it had
agreed to acquire the stake, from
a limited number of shareholders
at 150p .per share. Holden
shares (dosed 50p higher at I98p
on the London Stock Exchange
yesterday, valuing the company
at fill -2m, IP gained 5p to 217p.
and CourtauJds Jp to 74p.

International Paint said that
the investment was in accord-
ance with its -belief that a strong
international . business could be

Macpherson
buys printing
ink specialist

■ Donald Macpherson Group has
acquired with effect from
November 1 1961 A. G. W. Britton
and Sons for £350,000, with pay-
ment deferred until- December
1985.

Brittons, with administrative
offices in London and a freehold
factory in Herne Bay, Kent,
specialises in high quality print-
ing inks for the poster and metal
packaging . industries, and also
supply, general printing inks. Net
assets total £265,000. .

Mr Rex Chester, chairman,

says: “Brittons’ specialist pro-
ducts ate' highly complementary
to the group.- Donald Macpherson.
is now able to meet p ack ag i ng

manufacturers’ - increa s i n g
ripmajifo for fully integrated
systems incorporating both inks
and coatings.”

SHEFFIELD TWIST
It is proposed to repay the
Sheffield Twist .Drill 7} per cent
Debenture stock 1992-97 on March
6 1962 at S5tp plus accrued
interest. At the same time, SKF
Investments. is to offer for. all the
Preference shares not already
owned, 45p cash per share. SKF
Investments, .which is a subsidiary
of Aktiebolaget SKF, already
owns, about 64 per cent of the
preference shares-' and all' the
equity' shares.

ESPLEY-TYAS

Espley-Tyas Group, has been
informed . that on December 23
1981. 'Ronnie Aitken and Asso-
ciates, which .is owned by Mr
R..W. Aitken, exercised its option
to acquire from Consult Inter-
national 2L428 ordinary ' shares
In Espley-Tyas at a price of
£15,000. Consult is owned by Mr
R. A. Shuck, chairman and chief
executive of Espley-Tyas.

created by a closer relationship
between the two companies. The
company envisaged that such a
relationship in due course
“might lead naturally to a
merger between the two com-
panies."

This suggestion, however, met
with a cool reception from
Holden. Mr Philip Sturge, its
chairman, said: “ We didn't look
for this, it is not welcome and at
first sight it is not very attrac-
tive.” Mr Sturge added that the
group was talking with its
advisers and a formal statement
to shareholders would follow.

The bulk of the IP holding in
Holdep (7.8 _. per cent) was
acquired from McLeod Russell

which- inherited it -when it
acquired Warren Plantations
last October. The rest of the
TP purchase -represented - a
number of holdings' below the'

disci o sable level..

With Holden shares lightly
held a full bid would be diffi-
cult. The Holden directors and
their families hold around 27 per
cent, institutions represent
about 40 per cent of the shares.
Metal Box has a 9.3- per coat
stake and Aland ers Holdings
5.07- per cent. '

Mr Ronald Woodbouse, the
chairman of IP and a- director
of , CourtauldSj ,_said .yesterday
that IP was looking for a

Churchbury makes offer
for Law Land loan stock

Churchbury Estates, which last
year launched a successful
reverse takeover bid for Law
Land, yesterday made an offer
for the Law Land convertible
unsecured loan stock. Church-
bury owns S7.5 per cent of Law
Land's issued ordinary share
capital.

Under Churcbbury’s offer,
existing holdings of the 6 per
cent and 7} per cent Law Land
stocks would be transferred to
Churchbury. Holders of the
6 per cent stock would receive
a nominal amount of 6.4 percent
Churchbury convertible un-
secured stock and holders of tb.--
7$ per cent stock would receive
a nominal amount of S per cent
Churchbury stock. In each case
these will be equal to the
nominal amount of the 6 per cent
or 7} per cent Law Land stock.

Rowe .and Pitman, evaluating
the offer on Churctibury's
request, have described the terms
of the proposed exchange to be
“fair and reasonable in al!
circumstances.”

-However, Lloyds Bank Inter-
national, who -advised some of
the Law Land shareholders at
the .time of the- bid from
Churchbury, has issued a dissent-
ing document advising minority
shareholders in Law Land
against the exchange proposals,
although LB I admits “we were
not consulted on them.”

-LBI maintains that the new
stocks on offer and the increase
in income are “inadequate com-
pensation,” are -not in the
interests of the shareholders, and
consequently -should be voted
against

ASSOCIATES DEAL

On January 5 1982 S. G.
Warburg and Co, as an associate
of Thos* W. Ward bought, on
behalf of discretionary invest-

ment clients, 10.000 ordinary 25p
registered shares of Bio Tinto
Zinc- Corporation at 423p.

GRAMPIAN

.Grampian Holdings has sold
Hall Electric to . Tradaviile, a
private company. Hall, a wholly-
owned subsidiary ' of Grampian,
imports exports and distributes
valves, semi-conductors and
other electronic products. The
transaction is effective from
December 30 19SL

Hall's net tangible assets
being sold amount to £1,073,000.
This excludes a freehold pro-
perty and an investment in a
subsidiary company -aggregating
£667,000 which have been kept
by Grampian. Hall's pre-tax
profits for the year to December
31 1980 amounted to £35,000.
The .results, for. J.9S1 -are
expected to be below this level.

The sale has heen. paid with
£850.000 cash and an issue of
£75.000 loan stock, payable iu
five equal annual instalments,
with -interest at 5 per cent per
annum. The first annual instal-
ment falls due on December 31
19S2.

BRITISH VITA

British Vita lhas acquired the
remaining 50 per cenf 'interest
in Regatex not already owned' by
its wholly owned subsidiary—
Yite-Tex.

The consideration of £140,000
was satisfied by Issue; of 29,200
ordinary shares, £4.000 cash and
a total of £95312 in loan notes
which are finally redeemable at
part in 1991. . Interest at 10 per
cent pa is .payable after each
of several tranches becomes re-
deemable at the noteholders'
option.

dialogue over- a period of time. -

He said he wanted to see a
very' strong European-Owned
company winch could be fully
competitive with the large U3.
companies outside the U-S. in
the packaging coatings business.

7 Ip has already established
itself as a world leader in the
marine ’paint business, claiming-.'
a* world wide market share of
some 30 per cent It moved
into protective coatings witiro.
deal in rhe U.S. last year.

' The company is now Woking
at the packaging business world-
wide and' the possibility of-buiM-
iOg up ' a . company to provide the-
coatings for this industry- -

London &
Overseas in
£2.6m deal

London- and Overseas Freigh-
ters, which 'has owned a 51 per
cent interest in Welsh Overseas
Freighters sinee it commenced
trading 20 years ago, has agreed
to purchase remaiinng 49 per
cent Tor £2. 66m.

The stun will be paid in cash
out- of facilities available to
London and Overseas. Welsh
Overseas' asset is the Welsh
Voyager, built in 1977 — a sister-
ship to the three 27,107 dwt bulk
carriers already owned by London
and Overseas.

At March 31 1981 net tangible
assets of ' Welsh Overseas was
£i.9m including cash of £2.3m.
Profits "to that date were £342,278
before tax' and £39.497 after tax.

London Overseas will benefit
from elimination of the outstand-
ing minority interest and from-
the full ' integration of Welsh -
Voyager into its fleet '

RASMGSSEN SETS
V? VK SUBSIDIARY

Rasmussen GmbtH, the Frank-
furt based engineering group,
has purchased its UK interests
and pressure tube business from
former Charterhouse subsidiary
Alenco- for around £250,000 and
set up a new company, Norma
Products.

Alenc'6 has distributed
Rasmussen’s Nonna branded
worm* drive hose clips and- other
Clamping products in the r auto-
motive and industrial markets
sifice 1976.

liie company will continue tb
operate from its complex • in.
Maidenhead, Berkshire. - Bant of
the plan is to assemble -and
manufacture Noxana products in
the UK.

During 1982, Noma Products
intend ito expand into new
market sectors and introduce
new products in the programme.

A von Rubber ■ Company has
acquired nine tyre and motor
accessory outlets which will
continue to trade under the
name Tyres-an-Wheels. TSbese
were previously owned by the
Brisbane Motorway Group, of'
Knighton, Powys.

-The £250,000 deal whs trans-
acted through Avon’s wholly-
owned subsidiary Motorway
Tyres and Accessories, of Read-
ing. It has acquired the outlets
at Plymouth, Exeter, Honiton,-
Salisbury, Southampton,

Kcrigrtonj South Norwood,
Uckfield and Camberiey,

Some, of- these ' outlets '-ore'
equipped ' dSor' MoT testing 1 . . and
others stack ^ 'tyresj,. alloy wheels,
exhausts, brakes mid a range of
do-it-yourself accessories for
motorists.

Mr Ian G. dark: director, will
remain with the -company.

Motorway Tyres and Acces-
sories now has a chain o£ about
200 outlets' throughout Great
Britain and Ireland. .

BOWMAKER ...

THE SALE of Bovmaker, the
credit finance company, by
Marsh and McLennan, the U.S.
insurance broking group which
acquired Bowmaker when it took ,
over C. T. Bowring, readies . a
piimag tfrjg Friday. ' Sealed
tender offers have been sought
by Marsh and McLennan from
possible purchasers and these
must be submitted to S. G. War-
burg, the - merchant bank
advising the U.S. insurance
brbker.

About 30 banks and credit
finance houses have expressed
interest in buying Bowmaker,
which could attract a price as
high as £L0Om.

The sealed tender operation-
all tenders will be .opened an
Friday— has been organised by
Warburg to avoid an auction.
Among - the ; bidders' Bank- of

America and Royal Bank of '
Canada - are thought to be
interested. Lloyd’s and Scottish
and National Westminster are
also thought to be in the run-
ning. No purchaser is likely to
be . revealed before- the end of
fee. mouth.

■ JARDiNE

" Jaxtfine, Matheson and Com-
pany find the Prudential Insur-
ance Company of America agreed
in principle on December 24
" 1981- that Jardine would require
the : Prudential's. wholly, owned
property and casualty insurance
brokerage : operations, Bache
Insurance Services (BIST),,

.■Subject to- the pre-acquisition
review of . BISI and to fina l
negotiation with the seH«s, it
is - expected that the agreement
wffi Be concluded by January 22
1982.

The acquisition will cost $30m
fiHKS170m>. In accordance with
Sardine's general policy, the cost
will be financed offshore from
existing financial resources and
will pot require the remittance
of funis -from Bong Kong.

. SETTER ELECTRICAL

Snter ' Electrical, the Prestool d
refrigeration and hair salon
equipment manufacturer, has
disclosed a 6.S per cent holding
in Concord Rbtaflex, the electric
light manufacturer.

Suter- — headed by former BL
executive Mr David AbeH —
recently announced an increase

in its bolding in Appleyard
Group of Companies, the Leeds
based car distributor, to almost
25 per cent.

Concord' returned to profits of
£780.000 in the first half of 1981
(£164,000 lossl and has forecast
a profit of £lm for the full year,
compared with a loss of £1.2m for
1980.

Tarmac merges oil and gas with Candecca

TarinaC, fee roadstone and civil
engineering group, has merged
fee North : Sea oil end gas
interests of its industrial division
with fee offshore interests of
Candecca Resources, fee explora-
tion and production company
wife extensive onshore acreage
in tbeUR-

The deal, due tor completion
next monfe, will lift Tarmac's
investment in the North Sea from
an estimated £21m to about £25m.
It wiU give Candecca a 36 per
cent stake in Plascom, Tarmac's
North Sea- subsidiary, while
minority shareholders will take
5- per cent - Tarmac will keep fee
remaining 59- per cent .

Burton Group— -Mr .Cyril
ppencer,, director,, sold 100,000
ordinary shares. .

Burcn Dean — Oh are pie Steam
Ship’ Company has increased its
shareholding . to 2,346,000
ordinary shares . (27,73 per cent)
by the purchase of a further
150,000 ordinary shares.

Harvey and Thompson — A

total of 600,875 shares (19.11
per oent) were acquired at 53 jp ;
by Dunbar .aqd Go on, behalf-,
of investment clients and an

associate-

. Vospeiv^Sir David ' Brown as

Hasconn has interests in 15
North Sea blocks, including: a 2.3
per cent stake in the Howett gas
field. • which • produce's net
revenues for Tarmac of about
film a year.

Mr F%ter Woodman, bead of
Tarmac’s industrial division
which has included -Plascom since
1979, said last night that fee sub-
sidiary required new exploration
opportunities. Candecca would
be able to provide these as well
as additional oil and gas
expertise.

Candecca has only expanded
into North -Sea offshore activities
in the past 18 months. But it
alre ady -has three blocks in the
UK sector, 29 in - fee German

sector and ‘two offshore from
Ireland.. These will now be
acquired by Plascom...- :

In exchange for the "Plascom
shares it is handing over. -Tarmac
is also to receive Sni new ordin-
ary shares in Candecca. The
company’s shares . are valued at
about £2 each on fee 163- market
for oil exploration companies,
capitalising Candecca at about
£50 m.

The new issue, .to be -.handled
by Panel ure. • -Gordon, will
further- reduce the stake in
Candecca held by its former 100
per cent parent, -Sceptre
Resources- of Calgary. Sceptre’s
44 per-cent interest will shrink
to just under 40 per cent. The

SHARE STAKES

a result of dealings in the
ordinary shares on December 14
total number of ordinary shares
in which be. is interested is now
2,613,831. .

. Standard Fireworks — Pruden-
tial Corporation' report that Pru-
dential nominees now bold
152,500 ordinary (6.1 per cent).

Glasgow Pavilion — James

Glasgow's associated companies
are registered in fee company,
to a total of 263,450 shares
(21535 per cent).

Headliun Sims and Coggins—
Associated Investments are

EUROPEAN OPTIONS EXCHANGE

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CONTRACTS:

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acquired further 10,000 ordinary
shares bringing., holding to
313,500 (10.74 per cent). .

Beans on (Holdings) — Wes-

leyan and General .Assurance
Company has .acquired. 97,000
Shares, and. Mr C. G. R. McMahon
has .disposed of 300.000 shares.

Stiirla Holdings — Park Place
Investment has disposed of

450.000 ordinary shares- reducing
holding in' Sturla ro 2.150.0 00
.ordinary shares' (8.24 per cent).

' Clifford's Dairies^— Sharehold-
ings op January 1 19S2 of
directors appointed . wife . effect
from feat rate are as r follows:
C. G. - Burtqn 500 ordinary anti
125 “A" non-votihg;-P.'S. Candy

66.000 and 224.000: H. Mercer
66,000 and' 139 k 000; J. ' Pasfield
250 and 250; It: D. Smith 51,500
and 103,500.

Drayton ' Consolidated ' Trust —
T*he * Standard Life Assurance
Company holds 1-S68.877 ordinary
^iares (5.66 per cent). ••

James FinlaJ: John Swire and
Sims - acquired '30,000 ordinari'

remaining shares are widely
held..

Mr David Hooker, Candecca’s
managing director, said the earn-
pan}’ could not expand further
without some, additional .cash
flow in' the North Sea.'Plascom’s
revenues would help here as
well as easing Candecca’s tax
situatiop..

As part of its restructuring,
Plascom will receive £600,000
from Tarmac and £400,00 from
Candecca as. working capital. It
intends, to participate, in driiliag
up to 5 wells this year,- induring
one in Block 21/4. one of the
blocks to which the government
attached a premium price in the
seventh round of licence awards.

(.052 per cent) and: hold
17,343,82 2 ordinary (30.049 per
cent) — representing 29.945 •- Per
cent of the voting rights.

Chepstow Racecourse: '.Cam-
brian and General Securities has
sold its bolding of 6,000 shares
(5.4 per cent) and Moorside Trust
lias sold its holding of 6,830
shares (6.1 percent).

G. BL Clay;' chairman, has pur-
chased . 3.550 shares, and . G. C,
Francis, director L26& sfiares-

Hallite Holdings: General Tirt
and Rubber Co. (South Africa)
acquired a further 188^00. shares
on January .4,. 1982, bringing

M.a . w" *Js.'z. -t nftft nftrf _

UK ECONOMIC INDICATORS

-ECONOMIC ACTIVITY— Indices of industrial production, manu-
facturing output (1975-109); engioeering orders- (1975-100);
retail sales volume (1976=100), retail sales value (1976=100);
registered ’ unemplosinent (excluding school leavers), and
unfill ed vacancies (000s). AH seasonally adjusted.

Indi. '

'• Mfg.

Eng.

Retail

Retail

Unem-

Vacs.

- 1980

-prod.

output

order

vol.

value* 1

ployed

4fe qtr.

198 L
Istqtr. -

. 100.9

90.0

.. 81

109.0

205J2

2,020

98

.99.7

- 8&9

98 -

112.7

174.4

2,304

ZOO

2nd qtr.

99.1

89.0

91

111.3

180^

2^07

89

3rd qtr.

100.2

90 2

103

.110.4

185 Ji

2,627

96

May

98.4

: 88^

- 86

110.6

177A

2,515

92

June

, 99.7

89,9

98

111.7

183.7

2^52

83

July

100.0

89.7

100 .

ioa7

185.4

2^82

92

Aug

100D

90.1

125

111J)

185.6

2,626

98

Sept

100.6

90fi

S3

110.6

184.7

2,673

97

Oct.

Nov

Dec

102.3

91J

-

112X

UOJ

197.0

2,729

2.764

2,782

99

104

108

OliTPtlT— By market sector; consumer goods, investment goods.

their holding to- 686,23? sharps
( 28.56 ’per cent). I .

EUSutt Gross of Peterborough:
Jenks and Catteli acquired
100.000 Elliott group at.3Sip.

John Folkes Hefo: tihainman,
C. J. Folkes, acquired 644,500
n-on-voting ordinary Shares:
making holding .of non-voting:
and ordinary shares ' 6.14 per
cent

Export

Import

Visible

Current

Oil

Terms

Resv.

1980
4th qtr.

1981
lstiqu.

yolime volume balance

balance balance

trade US$bn*

126.6

111.8

+1,265

+2.110

+222

1052

27.90

107.0

28.34

2nd qtr-

26.73

3rd qtr.

2426

Feb

121.7

114JS

+314

+ 755

+231

105.2

28.43

.'March;

105.5

-

28JS1

; April.-

I06i

28.07

May

'

26.49

-June ■- ’

-

25.63

July.

24-57

*A-ugr ;■ »

• ." ’

...

2L51

■Sept

' .1305

1S5.3

+ 13

+ 114

+290

100.0

23.70

Oct:

133^

126.3

+366

+532

+ 89

98 J9

23^2

■Nov —

*• 139.0

1 14L7

-f -28

+193

+214

106.1

23.46

Dec

23-35

" T^ade'

ngures tor jaaren- August not available because of

Civil

. .base lending rates

A£JN. Bank 14}%- Grindlays Bank J141S6

Allied Irish Bank 14i% n Guinness Mahon 14 •

American Express Bk. 14?% BHambros Bank 14**“

Amrp Bank 141% Heritable & Gen. Trust 14*%

Henry Ansbacher ...... ns Hill Samuel 5I4|%

Arbuthnot Latham'- ...• I4L% C. Hoare & Co fl4?%

Associates' Cap. Corp. 15 % Hongkong & Shanghai 14}%

Banco de Bilbao * 14}%

BCCI 141%

Bank Hapoalim BM ... 144 . %

Bank of Cyprus 14}%

Bank Street See. Ltd.... 16 %

Knowsiey & Co. Ltd.... 15 %

Lloyds Bank T4J%

Mailinhaii f infeed'

Edward Manson & Co. 15} %'
Midland 'Bank v. .14 ! or

Bank of N.S.W. 14^% ■ Samuel Montagu 14}%

Banque Beige Ltd. 14}% H Morgan GrenfeU i ...... 14}%

Banque du Rhone et de

la Tamise SA 15 %

Barclays Bank' 143%

Beneficial Trust Ltd..:. lb}%
-Bremar Holdings Ltd^ 15}%
Bristol & West Invest 16 %
Brit Bank of Slid. East ‘14J %

■ Brown Shipley ..1. ...... 15;%

' Canada Pem’t. Trust... 15 %

Cavendish &ty Tst Md* -15i %

-Cayzer Ltd. , 15. %

Cedar Holdings 15 %

■ Charterhouse Japhet.. 15 %

C3ioulartons...__~~ 15-%

Citibank Savings- H15 %

; Clyde^aJe_ Bank 14

C. E, Coates 15 %

Consolidated Credits ... 141 %

Co-operative Bank 4 14i%

Corinthian Secs. 14} %

National Westminster 14}%
Norwich General Trust 14}%
P. S. Refson & Co. 14}%
Roxburghe-Guarahtee . 15 %-

E. S. Schwab 14}% j

Slavenburg's Bank ... 14}%
Standard Chartered ,.:.|jl4}%

Trade Dev. -Bank

Truslee'. Savings Bank. 14i%.
TCB IM. 1 14}% ■

United Bank of Kuwait 14} %
Whtteaway- Laidlaw ..'..-45
WilfiaiBS & Glyn’s ...14}%
Wintrust Secs. Ltd. .14}% ■.
Yorkshire Bank 1-

Mom bera of the Accepting He usee
Committee,

t.rlny -12.5QV... 1-mpOth.

12.757',. Short term ffi.QOO/'TZ
months 15.10%.

The Cyprus “Popular Bk. 14 1 **. t 7-day UBPCisnson'auma Of *CJ_q, too— f

Duncan Lawne 14 l %

Eagti Trust ; i..: 341%

E.T; Trust 14i%

First NaL Fin. Corp.... 17 %

‘First NaL Secs. Ltd. 17 %

Robert Fraser. - 15- %

ana under 12^%, up t a $50,000

13% and_ over £50,000

t Call ^opaeita E1.000 and over

§ Demand deposits 121?%-
t; 21-doy-.t}e6'q5it3Jl!“er £1,000 .

7 MongagVbase rate.

1 metal

manufacture, textiles, leather and

clothing

(1975:

=100);

housing starts (000s, monthly average).

. - ■ ■

4 Oonsumer

Invst

Intmd.

Eng.

Metal

Textfle Housg.

goods.

goods

goods

output

mufg.

etc..

starts*

1980

4th qtr.

94.4

9L6

. 117.1

86.6

71.1

.77 J2

10.1

1981

Istqtr.

" 93a

88 JI

117.3

84JS

76J2

76^

- 10.9

Vixj qtr.

.93J5

88.7

118.0

84.8

79.0

76.3

14Ji

3rd qtr.

• 94L5

892

119JL

86.1

77.8

76.4

14.3

April

94-0

89.0

118-0

85.0

77.0

76.0

12^

May .

- - 93.0

88.0

117.0

. 84.0

77.0

76.0

13.8

June- ■ ■

‘ 94.0

89 J9

U9J0

85.0

S3.0

77J>

16.3

July

• 94-0

89.0

. 119-0

86.0

77.0

76.0

14-5

Aug .

- i 95ff ,

-8&0.

118A

S6.0

77.0

77 JO

12.7

Sept -

‘ 94.0

90.0

120.0-

87.0

80.0

77 jO

. 15.6

Oct

- 95J0

90.0

124-0

87.0

85.0

78.0

. 14.0

EXTERNAL. TRADED— Indices of export and import volume
(1975=100); visible balance; current balance (fra); oil balance

Service dispute.

FINANCIAL— -Money supply Ml and sterling M3, bank advances
in sterling to the private sector (three months’ growth at anmiaf

ratal : -dnme&tip ctmW f»mansinn Ifml: Kirildintr crviaHoc’ -not

inflow:

HP, new

credit;

afl seasonally

adjusted. Minimum

lending rate (end period).

Bank

.

Ml

M3 advances DCE

BS

HP

MLR

1980

%

%

% £m

inflow lending

%

4th qtr.

SB

■•20.2

1L2 +Z3S2

1,253

1,793

14

1981

' 1

Istqtr.

GJS

.8-8

12.4 +1,308

1,081.

1,884

12

2nd qtr.

: 23.1

17.3

+4^50

1,103

1,936

12

3rd qtr.'

SJL

18.1

29.7 +5.951

868

2,023

Stay

22.1

20X"

" 7JT f XM7

" 436

607

12

June

21JI

175

‘ 8fi +U64

371

674

12

July "

ti2r

172

19^- +2,240

290

658

12

Aug ‘

0.8 V

T4-5

■35.4 +1^48

244

659

—

Sept

9.7

22.8

34^ +2,465

334

706

—

Oct'

... +4.7

202-

24JI +1^54

154

678

Nov

7fi

173

20.4 + 413

6S

■ • * . ■ v

' . - . I .

\ ' ' '

INFIlA'HON— indices ■ cf earnings (Jan 1976=100); basic
materials nod: fuels, wholesale ' prices of manufactured products
‘ (1975 =160) r retail- prices and. fbord prices (1974=100); , FT
v .cumanodit© . index ■ ( Jtfiy . 1^2 =100); trade .weighted value of

- 3£erfingjlflra=iw).

. Basic Whsale-.-

~ iffgs*' matls:* mnfg;*' RPI* Foods* coradty. Strlg.

' ■198a *v

4feqtf.‘ *193^ 2013' 3061

1981

Istqtr. 195.3 2m "212^ 3S0.4

2nd qtr. 202^ 225.8 219.4

Srtiifte— -309.9 - 235.^ 224:1

FT*

2T31' 269.7 269.25 100J

268.7
294.0 277.0

261.56 10L8
245.07 . 97.8

mi- 278^ 260^3 90.6

May

201.6

226.1

2192

2MJ

276.7

255.14

98.8

-.Tun-a —

a05J —

229.6

221.1

2253

280.0

245.07

95-4

Juiy

207.6

233.0

2223

297.1

219S

276.81

92L5

Au&

210.4

236.8

224.1

299.3

277-3

257.64

9L2

Sept

m.7

2379'

225.9

30L0

279.6

‘260.S3

88.0

Oct .

2123 ■

23»2 ,

227^.

303,7

.282,7

259J2

883

Nov

236.8

229.1

3063

285.5

245.79

90.13

Dec" - -' —

—

— ■—

" -

— --

-

248.97 -

-90.8

* Not seasonally adjusted.

Financial Times Thursday January 7 1382

Conpaiifes nif Markets

INTERNATIONAL COMPANIES and FIN AN CE

Consob
suspends
trading
in Bastogi

Justice Department drops

DM 185m
bond

General Dynamics inquiry issue for

BW m um I ■ rrm • *-r- Iki kirui VWIMf

Eurobond clearing house

BY DAVID LASCH1ES IN NEW YORK

BY W ILLIAM HALL, BANKING CX5RftESPOM30fT

B ff Rupert Coniwffl in Rw»

CONSOB. the Milan Bourse
regulatory authority, last
night suspended trading in
Bastogi, one of Italy’s
oldest established financial
groups, after its shares had
plunged an unprecedented 17
per cent in yesterday’s
market session.

Amiri rumours that debts and
losses would oblige the group
to call-in a special Govem-
, meat-appointed commissioner
to handle its affairs, Bastogi
shares dropped from L246 to
L204 in normal trading hours
yesterday. The price lost a
further L 4 in after hours un-
official business.

The run on the group was such
that trading volume rose
from the normal daily level
of between 200,000 and
300,000 shares to more than

THE TJ.S. Justice Department had taken so long because of
has informed General Dycaxn- its coamplexity. '

ks, one of the -leading defence

charges

contractors in the U.S., that it General Dynamics’ claim for
is dropping an investigation in- ■ reimbursement from the navy

to charges that the company for the cost of putting right
submitted fraudulent reimbur- certain faults in a series of

sement claims to Che navy at nuclear submarines it built for

height

Genera? the navy in the early 1970s.

Dynamics' dispute in the 1970s
over cost over-runs in sub-
marine contracts.

General Dynamics, which has
-denied the allegation, said, at
its St. Louis headquarters yes-
terday that it was pleased but
not surprised by the decision.
The Justice Department said
the Grand Jury investigation

The navy offers a form of
insurance against extra costs,
hut maintains that it did not
apply in this case because the
over-runs were caused by poor
management

The dispute, involving $843m,
was finally settled in 1978 when
General Dynamics took a $359m
loss in a compromise settlement

But it was accused at the time
of submitting fraudulently large
claims, a potential criminal
offence.

The company and the navy
have since settled most of their
differences, and General
Dynamics’ Electric Boat divi-
sion is once again receiving
navy submarine contracts after
having been cut out of one
round of orders last year.

The Navy Department is ex-
pected to announce today the
aawrd of a contract for the
ninth Trident class nuclear sub-
marine to Electric Boat, which
Is based in ConecticuL

By Peter Montagu on.
Euromarkets Correspondent

and a£L their transactions pro-

CHEMICAL BANK’S inter- banfcng j-J*- — - W ££
natifimd h immMement svs- banks around the w>«d ju®

Third-quarter fall at Interco

BY OUR FINANCIAL STAFF

Later Sig Luigi Santamaria,
Bastogi 's chairman, issued a
statement denying that the
group had applied for special
administration. However, a
board meeting has been called
for January 12, at which a

capital writedown may be
decided, following further
losses in the first 11 months
of 1981.

Yesterday’s developments are
the c&max of an increasingly
difficult period for Bastogi
since its heyday a decade ago
as one of the linchpins of the
‘private sector in Italy.
Heavily damaged by the
troubles of the chemical in-
dustry in recent years, the
group has reported frequent
losses.

For 1980 the deficit reached
L13.8bn ($11.4m) almost

double Shat of the previous
year. Although sales reached
Ll.lOObn, total indebtedness
climbed to L335bn at the end
of 1980 from L264tbn a year
earitar.

Efforts to launch a credible
restructuring programme have

INTERCO, one of the largest
U.S. manufacturer and retailers

were still higher than for the
corresponding period of 1980.

of clothing and footwear, felt Net earnings totalled 888.89m,

the effects of inflation and reces-
sion in its third quarter. Earn-
ings for the period eased 5.4
per cent, from 833m to 831.12m,
despite an 18 per cent upturn

an increase of 3.6 per cent on
1980’s comparative 885.81m,
while sales advanced by 19 per
cent to $2.07bn from $1.74bn.

At the per share level, nine-

in sales from $606.9m to 8717m. month earnings equalled 85.42,
Nevertheless, nine-month pro- against 85.25 previously, with

fits of the St Louis-based group,
which is also a diversified
general merchandise retailer

the third quarter contributing
$1.90. against $2.02.

Results for both the 1981

furniture manufacturer, periods include returns from

Broyhill Furniture, acquired
by the group in December
1980.

Sales and earnings of the
group have risen steadily over
the past 17 years to reach
record levels of $2.37bn and
8124m (or 87.61 a share)
respectively for fiscal 1980-81.
In that year apparel 'manufac-
turing contributed 36 per cent
of sales and 42 per cent of
profits and footwear 24 per cent
and 32 per cent respectively.

Higher annual earnings
forecast by U.S. Shoe

Record year
for General
Cinema

BY OUR FINANCIAL STAFF

been hindered by uncertainty f^. eC8S ^

ANNUAL earnings per share of
U.S. Shoe for fiscal 1981-82 will
be “ well ahead " of last year’s
$4.31, although only as a result
of the strength of the first nine
months. A moderate decline in
fourth quarter profit from the
82.07 a share in 1980-81 is

and argument aver the exact
ownership of the concern.

To reduce its financial burdens.
Bastogi has been forced to
sell parts of its substantial
property empire, and last
summer floated on the bourse
25 per cent of the shares of
Cogefar, its successful con-
struction engineering offshoot.
In I960 it also raised its
capital to I247bu from
LlSSbn.

The last quarter of 1980,
which produced a record result
for a three-month period, in-
cluded an extra week of sales
generating earnings of 10 cents
a share, phis 9 cents from a
favourable Lifo stock adjust-
ment.

The company said retail sales
in the latest two months,
primarily in the Casual Corner
women's apparel division, were
lower than planned and were

affected by higher than usual
mark-downs.

However, fourth quarter
returns should benefit from a
much Tower tax rate because of
a gift of land and buildings to
Xavder University. The quarter
will also reflect non-recurring
expenses associated with the
company's move to new head-
quarters.

Net earnings for the whole
of fiscal 1980-31 reached a
record 846.9m, or $4.31 a share,
on revenues of. $974m. At the
nine-month stage of fiscal 1981-
1982, profits were 836.75m, or
83.32 a share, against 824.69m.
or $224 a share, for the pre-
vious corresponding period.
Nine-month sales were up from
8679.5m to $/ /9.6m.

By Our Financial Staff

A MAINTAINED rate of growth
has enabled General Cinema to
turn in record profits for 1981.
The- group, which is both the
largest independent soft drinks
bottler and the largest motion
picture exhibitor in the U.S.,
has lifted annual earnings by
10 per cent from 8292m or
$2.72 a share to $4427m .ir
83.99 a share

Fourth-quarter earnings were
813.9m or 8125 a share against
87.5m or 68 cents a share

Yearly sales totalled 8823.6m
against $759.4m previously with
the fourth quarter contributing
8204.5m against $2 04. 2m.

The group is confident that
its earnings wiil increase again
in 1982.

Tbaomoutucm&a appears as a matter of record only

Damberl981

Woo

Arab Banking Corporation (ABO

Banque Arabe et Internationale d'lgvestis.sement—B. A. L L
Credit Lyonnais

Kuwait Foreign leading Contractmg‘& Investment Co. (S.A.K.)

Arab Bank Limited

Banque Europeenne de Tokyo
Gulf International Bank B. &G
Al-UBAF Group

-Maaagedby-

Arab Bank Sx Investment apd Foreign Trade, Abu Dhabi Arab International Bank. Cairo/

Arab Latin American Bank-ARLAB ANK-Bahnin
Banco Arabe Espanol,S. A. Banque Interm nfinBnt a l p Anbe-

Ares bank"

Banque Nationaiede Paris Credit Co mmerc ial de France (Bahrain CtffeWw Ranking Unit)

^European Arab Bank Group State Bank oflndia

Conuttu tg cdty—

■Ahhli Bank ofKawait K.S.C.

A whlrirln'ih T hmlr

AI Bahrain Arab African Bank (E.C.)
■AlBaab-

DfrBAMI? I Wtrtia fi fnnBHHft ufu l MH lf
GuIfRiyad BanklkC

-Fnnds provided by -

Arab Banking Corporation (ABC)

Arab Bank Limited —OBU— Bahrain

Banque E m op f enne de Tokyo

Kuwait Foreign lading Contracting

& Investment Co. (SA.K.)

Banq oe T niyfmnii'nwnaU Arabe

Credit Lyonnais

Arab Bank for Investment and Foreign

Trade, Abu Dhabi

Banque Arabe et I n t ernati onale
dlnuntusement — B. A. I.L

Gulf Intematioaal Bank B.S.C.
Banco Arabe Espauol, S.A.

Aresbank*

Banque Nariomlede Baris -OBU -Bahrain , Crfdit Commercial de France

(B ah rain Offshore Banking Unit)

European Arab Bank Group “Middle East" E.C. State Bank of India

AI Bahrain Arab African Bank (E.C.)

‘AiBsab"

GutfRiyad Bank E.C.

Arab Turkish B ank

Arab Imemarioful Book, Guzd

I i o tuap Bmcario Sap Paolo di Torino

Un bn de Basques Arabs ec Francises
UBAF Bahrain

MMlm f Bank limited
*n»NarionalBznkofKiiwait SA.K.

Alahii Bank of Kuwait K.S.C.

DG BANK INTERNATIONAL

Sodfte An any me

Arab Latin American Bank— ARLABANg-
Bahraia

UBAF Bank limited

AlSandi Basque

FIXED RATE dollar Euro-
bonds started firmer yester-
day but again turned weaker
. during the afternoon as the
New York bond market
softened ahead of last night’s
auction, of seven-year U.S.
Treasury Bonds.

There were no new issues In
the dollar sector yesterday,
but in Germany, where D-
mark foreign bonds were
slightly firmer on balance, a
new DM 185m, twihtranehe
issue was launched for the
European Coal and Steel Com-
munity through Deutsche
Bank.

One DM 125m tranche Is for
five years and other DM 60m
is for 12 years, but both are
priced at par with a 94 per
cent coupon.

There were still some signs
of swapping from dollar Euro-
bonds into cheaper U.S.
domestic issues and Yankee
bonds, although this activity
was not on the scale seen on
Tuesday after the sharp price
falls in the New York market.

Dealers said both the U.S.
bond market and the Euro-
bond market are stiD trying
to find a viable trading range
for the start of the year. As
yet there has been little news
to give Impetus to a trend in
either direction.

In Switzerland, where
secondary market prices fell
despite the weaker dollar, the
Italian state electric concern
ENEL ' is arranging a
SWFr 100m two-tranche 10-
year issue through Banque
Gutrwiller. Kura. Bnugener
and Credit Commercial de
France (Suisse).

The bonds will be offered
either on a fixed-rate basis
with conditions to . be set
during the next few days or
at a floating rate set | per
cent above six-month Libor on
Swiss francs. The minimum
coupon has been set at 10 per
cent initially but it will drop
to 6 per cent after the first
six months of the issue’s life.

SUySg

- "P Soflbn. Previously such traus- to input sales and purchases of

JSSSKrS? stists

SSfe -MSTiM*. ZSZtSSrsz

S53KS3

It is expected that banks
■which have dealt with Cedel via

aa?aasstt

JFSELStoS * fo troduS ^Mp Obemifok Into the members to use SWIFTs com-
«tj*!il?a!5 ^ interface point between puter terminals for some of

ii^» computer technology to its
international ' ' correspondent

correspondent customers for financia l products their transactions.

Cool response from banks
to Mexican offshore units

Fujitsu to
raise Y50bn

BY WILLIAM CHESLETT IN MEXICO CITY

INTERNATIONAL BANKS
have responded coolly to
Mexico's plan to create an off-
shore banking centre.

Under a new law, which came
into force this week, inter-
national banks are now allowed
to set tip offshore banking units
in Mexico to deal exclusively
with extrateirltorial activities:

This means banks can get
deposits only from people out-
side Mexico and make loans in
the same category. Previously,
international banks were
restricted to representative
offices in Mexico.

Banks, however, are un-
enthusiastic about the change
because of the other offshore
banking centres in the area —
such as Panama, the Bahamas
and, most recently. New York
— which, according to U.S. and
European bankers in Mexico
offer better c ommuni cations
and lower costs.

■While welcoming a greater
degree of flexibility by the
Mexican authorities, bankers
said that only if the tax benefits
were more generous than, in
other offshore centres would
there be any point in setting up
in Mexico.

With foe exception of Citi-
bank, foe 123 international
bankq now in Mexico are barred
from competing for peso
deposits or engaging in peso
lending.

Mexico’s commercial banks.

FUJITSU, Japan’s largest com-
puter concern, plans to raise
about Y50bn (8227m) through
■ a public issue of 80m new
shares. The Twice for the Y50
nominal shares has yet to be
fixed, writes Our Financial Staff.

The company, which has
links with I CL of the UK as
well as Siemens of West Ger-
many and Amdahl of foe U.S.,
said that 30m of the shares
would be issued as European
depositary receipts, with each

Mexico's commercial banks, EDR representing 1.000 shares
which play a powerful part in The Pf ocee ^ s
the economy because of their would be put to its Y60bn rapi-

tbe economy because or tneir
strong links with industry, are
fiercely opposed to any competi-
tion from international banks
on their home ground.

The Government first mooted
foe idea of crea ting an offshore
banking centre in Mexico three
years ago when Mexican banks
began their drive to establish
branches abroad.

tal spending plan for the finan-
cial year beginning in April
’ Fujitsu expects a 15 per cent
rise in sales to Y670bn in its
current year to the end of
March with net profits ahead by
8.3 per cent to Y20bn. The com-
pany also said it would increase
its dividend from Y6.50 a share
to Y7 from September 1983.

Goodrich defies
FTC to buy
Shamrock unit

FT INTERNATIONAL BOND SERVICE

The list shows the 200 latest international bond issues for which an adequate secondary market
exists. For further details of these or other bonds see the complete list of Eurobond prices which

will be published next on Tuesday January 12.

Closing prices on January 6

By Paul Batts m New York

B. F. GOODRICH, the U.S.
tyre company, has acquired
foe plastics subsidiary of
Diamond Shamrock, a diversi-
fied energy company, for
8131m. Goodrich went ahead
with the takeover in spite of a
declaration earlier by the
Federal Trade Commission
(FTC) that the deal woold
violate Federal anti-trust
laws.

The FTC, the government
agency responsible for enforc-
ing anti-trust laws, said that
if the transaction was carried
out, it would take legal steps
aimed at the divestiture of all
Shamrock assets acquired by
Goodrich.

Goodrich and Shamrock said
In a joint statement that they
believed the transaction was
lawful. They added that they
would vigorously contest the
FTC complaint

Goodrich said, however, that
if litigation resulted in it
being required to divest any
of the acquired assets, it
believed it could sell them to
a third party. If it could not
do so, Shamrock had agreed
to repurchase them,

Tbe purchase includes a
lbn lb a year vinyl chloride
monomer plant and a 260m lb
a year polyvinyl chloride
plant, both in Texas.

The FTC contends that the
proposed transactions may
reduce competition In a num-
ber of chemical markets
including the production of
polyvinyl chloride and vinyl
chloride monomers. The FTC
said that Goodrich, and
Diamond Shamrock were each
equally the third largest ,
manufacturers of vinyl
chlorol monomer, while !
Goodrich- was the leading i
maker of polyvinyl chloride
and Diamond Shamrock the
sixth largest manufacturer of
the product in the UJL

The sale by Shamrock Is
part of a programme of
divestiture it announced tost
year.

U.S. DOLLAR

STRAIGHTS tSSlM

An heu car- Bush UP, 88 100
APS Hn. Co .17*. SB ... 60

Armco O/S Fin. 15 s , 86 50

Bank Montreal 164 91 160
Br. Colum. Hyd. IS 1 , 88 100
Br. Colum. Mfs. 17 37 54

Can. Nat. Rail H4 91 100

CatorpiUar Fin. 164 88 100

CFMP 164 96 1O0

CIBC 164 91 100

Citicorp O/S 16* 86... ISO
Cities Service 17 88 ... 150
Con. Illinois 144 84 ... 100
Cons.- Bathurst 17S 88 60

CPC Fin. 16» 4 86 50

Dupont O/S 144 88— *»

EIB 16 1 * 88 100

EIB 16*» 91 100

GMAC O/S Fin. 164 84 300
Gulf Stetes O/S 174 88 60

Nat. Bk. Canada 164 88 to

Nat. West. 14% 91 100

New Brunswick 17 88 60

Newfoundland 17% 89 60

New. & Lab. Hy. T7 1 , 89 75

Ohio Edison Fin. 17 1 , 88 75

OKG 15*4 97 50

Ontario Hyd. 16 91 (N) 200
Quebec Hydro. 17 1 , 91 ISO
Quebec Province 15*a 89 150
Saskatchewan 164 88... 100
Shell Caned a 15^. 91 ... 100

Sweden 144 8a 150

Swed. Ex Cred. 164 S3 76

T-nneco Int. 17 89 100

Texas Eastern 15 7 , 88... 75

frnnsrin.ida 174 88 ... 75

Tnnsc>nid- IB 89 100

Wilt Oienev s 54 86 ... TOO

Winnlneq 17 88 50

WMC Fin 154 88 50

World Rink 16 R6 210

World Bank 18 88 80

World Bank 154 88 ... 130
World Bank 164 88 ... 100

Change on

issued Bid Offer day week Yield
100 102 1024 +04 +04 15-89

60 1034 1044 +04 +14 15.96

50 1004 1014 +04 +04 15.04

160 1004 101 -04 -04 16.07

100 1014 10Z4 -04 -04 15.74

54 1034 1034 +04 +04 16.31

100 944 954 -04 -04 15.63

100 10241034 +04 +04 15.48

100 1024103 +04 -04 16.22

100 1014 102 -04 -04 16.33

ISO 1034 1034 +04 +04 15.59
150 104 1044 +04 +C*» 15.86

100 994 »4 +04 +0414.82

60 1034 1034 +04 +04 16.60

50 1054 1054 +04 +04 15.00

400 974 984 -04 -14 14.93

100 1024 1024 -04 -04 15-83

100 1024 103 -04 -04 16.14

300 10141014 0 O 15.78

60 1034 1044 +04 +04 16.44

40 1004 1014 —04 “04 16.92

100 9B 984 +04 -1 15.09
60 1044 1044 -04 -04 15.81

60 1(1641064 0 +04 15.71

75 1034 1034 +04 +04 16.42

75 1024 1034 +04 +04 16.64

50 974 974 0 -04 16.15

200 100*, 1004 -04 -04 15.84

ISO 105 1054 -04 -04 16.10
150 984 384 0 0 15.61

100 1004 1014 “04 -04 15.96
100 1014102 -04-1415.34
150 94 944 -04 -04 16.91

76 102 1C24 O +0416.04

100 1034 1094 +04 +04 15.98

75 984 994 +04 +14 16.08

75 105 1054 -04 +04 18.33

100 934 100 +04 +04 16.03

TOO 1014 1024 “C4 +04 15.01
50 1034 1044 -04 0 . 15.68

50 964 964 +<Ai +04 16.33

210 1014 1014 “04 -04 15.46

80 101 1014 -04 -04 15.61

130 1024 1034 “04 -04 1533

100 1024 1034 — 04 -04 15.72

M. Bk. Dnmk. 9 91 EUA . 25

SOFTE 84 89 EUA to

U. Bk. Nwy. 84 90 EUA 16
Alga mens Bk. 104 88 FI 80
A mfs a Group 124 88 FI to
Amro Bank 12 86 Rl ... 75

Amro Bank 12 88 Pi .... 60
Helneken NV IO 87 FI... 100 '
Pierson 104 86 FI 50

Rabobank 12 88 FI 50

Air Franca 144 86 FFr... 200
Bk. America 144 86 FFr 290
Cherb'nagea 134 85 l+r toO
EIB 144 88 FFr 300

La Radoute 144 86 FFr IS

OKB 14 86 FFr 400

Solvay et C. 144 88 FFr 200
Swed. E. Cr. 144 86 PFr 250
U. Mex. Sts- 14- 86 FFr 150

Acona 14 85 £ 20

Beneficial «4 90 £ 20

BNP 134 91 £ 15

C«A 134 88 £ — .20

Citicorp O/S 134 90 £ 50

Fin. Ex. Cred. 134 86 E 15
Gen. Elec. Co. 124 83 £ 50

Hiram Walker 144 88 £ 25

Privstbanken 144 SB £ 12

J. Rothschild 144 90 £ 12

Royal Trustco “14 88 C... 12

Swed. Ex. Cr. 134 88 £ 20

Akzo 34 87 LuxFr : 900

Euretom 94 88 Luxfr, ... 500
Euruffma 104 67 LuxFr 500
EIB 94 88 Luxfr 600

-04 16.56
0 16.45
0 17.02
0 17.48
0 16.67
0 17 JO

Volvo 94 87 luxFr 900

82 834 0 0 12.07

774 79 O ' 0 13.01

St 924 0 0 11.10

994 1004 +.04 +04 10.15
Ws 1034 +04 -04 11 .38
1024 1024 +04 +04 11.21
10241034 0 +04 1*1.17
974 974 +04 +14 10-58
984 984 +04 +04 10.68
102 1024 +04 +04 11.28
924 934 0 -0416.76
334 944 0 -04 MAS

824 934 0 0 16.45

894 904 0 0 17.02

914 924 0 0 17.48

914 924 0 0 16.67

924 934 0 0 17 JO

914 924 “04 “04 17-22
91 92 0 -04 17to

904 914 0 -0417.47
834 844 -04 “1 17.93
844 854 “04 “04 T6.94
884 894 0 +0419.21
98 89 0 +0416.13

884 904 “04 -04 T7.06
854 864 —04 +04 1587
934 944 “04 -0416J8
*>4 914 -04 —04 16.76
924 934 0 —04 15.78
93 94 0 +04 18-22

904 914 0 -0416.90
954 984 “04 “04
844 854 0 0 13.45

904 974 +04 +04 12.7!*
884 874 +04 +04 13.0*
864 974 +04 +04 13.06

FLOATING RATE
NOTES

Average price changes... On day —04 on weak —04

Bank of Montreal 54 90 04
Rank of Mnntrenl 54 91 04
Rank of ToVvo *>4 91 . , 04
Bk. Nova Scotia 54 93 04

RBL Int. 5 86 04

BFCE 54 88 04

Christiania Bk. P* 91... $04
Co-Ban Eurofin 54 91... 04
Den Norske Cred. 54 93 - 04

Spread Bid Offer C.dta C.cpn C.yfd

994 «*>4 19/6 W4 Vl.77
9f*4' W04 29/4 17.06 17.08
98 984 10/8 134 T3.SP

994 1004 29/4 >7.06 17.08
994 994 20/5 134 13 57

W, W4 28/4 16.94 16.9*
984 994 5/2 15.56 18.74
994 99414/4 16.69 18.88
974 - 974 4/6. 13-56 1399

DEUTSCHE MARK
STRAIGHTS issue

Asian Dev. Bank 10 91 100
Asian Dev. Bank 104 89 100

Belgeleetric 11 91 100

CECA 10 91 ....; 120

Coun. of Europe 10 91 100
Coun. of Europe 104 91 TOO

EEC 104 93 100

EIB 84 90 200

EIB 104 91 200

Finland. Rep. of 104 88 100

Inter- American 10 91 ... 100
Inter- American 104 91 100
Jenan Air Lines 84 87 TOO
Midland Int. Fin. 84 90 780
Mi. Bk. Dnmk. 104 91 TOO

Nat. West, tl 91 IS

New Zeeland 94 89 ... 200

OKB 104 91 150

Quebec Hydro 104 91... 150
Renault Acpt. 104 86 .150
Swed. Ex. Cred. 104 91 TOO
World Bank 11 91 TOO

World Bank 10 91 250

Change on

issued Bid Offer day week Yield
100 994 1004 -Oi, -04 9-99

100 1014 1024 -04 +04 10.38

100 10141024.-0*4 0 10.88

120 1024 1024 “04 +14 9.57

100 10041014 P +04 9.77

TOO 1014 1024 +04 +04 9.95
100 1004 1014 +04 +04 9.98

200 924- 934 0 -04 9.88

200 1024 1034 -04 +04 9.93

100 1004 1014 +04 “04 10.27

100 1014 1024 -04 +04 9.66

100 1004 1014 +04 +0*, 10.03

TOO 964 964 +04 +04 8.91

180 834 9*4 -04 +04 9.57

TOO 994 100*2 +0*, -04 10.47
IS W KB -04 +04 10.23
200 1004 1004 +04 +04 9.66

150 - 1004 1014 +04 +04 9.95
150 1024 1024 + 0*4 +04 9.82

150 1004 1014 0 +0*, 10.49

TOO 994 994 -04 -04 10.34
TOO 104 1044 +04 +04 10.24
250 1004 1004 +04 +04 9.88

Ganlinenca 54 87 04 1004 TOW, 30/4 17.06 16JB

Genfinance 54 92 04 9941004 30/6 154 16-52

Giro und Bank 54 91 ...- *04

■ GZB 54 92 *04

Ind. Bank Japen 54 '88 04
Ltovde Eurefin 54 93 ... §04
LTCB Japan 54 89 .„... 04
Midland Tnt. Fin. 9 91 04
Nacional Fin- -54 88 ... 04
Nat. Bk. Canada 54 88 04
Nat. West. Fin. 54 «... 504
Net. West. Fin. 54 «... 504
Nordic Int. Fin. 54 9T... 04
Offshore Mining 54 91 04
Pamex 6 91 04

99 994 23/3 TO.OO 16.77

984 994 5/3 134 13JB
984 984 9/5 1331 13.52
9S4 1004 29/A 17.19 T7.T3
f»4 994 16/1 TO. 32 18.41
984.1004 30/4 17 JOB T7.06
974 90425/3 T7.3I 17.64
994 100 SW/3 ' 17.31 17.36
99 994 15/1 184 78.26

994 W04 23/4 . f7 T7.0*
9*4 «4 6/S TO4 1fi.TR
9* 9*4 2/6 13 13.23

9*4 <**4 B/4 T7 T7.2R

Ramex 54 ffi 04 t»>4 «*4 M/2 w.01 TO.17

Senwe int. Rn. Ri 88... 04" M4K*D W 3 174 T7.?«*

Sec. Pacific 54 91 04 9*4 W4 2*/5 134 T 3.0

Soeiete Generele 54 91 04. P«4 » 22/1 184 TO.F6

Soarebankan B 87 .. ... 04 P»4 9R4 2*/S 14.04 1 <U»

JS* *"• 9*4 TO/5 13.31 13.53

Average pnee changes... On dey 0 on week O
CONVERTIBLE: Cnv. Cnv. nU

Average price changes— On day 0 on weak ,+04

Caterpillar
lifts dividend

By Our Financial Staff

Arab Hellenic Bank 5A
Basque Cotnmerctsle pourEEmope du
Nurd (EUROBANK)

UBAE Arab German Bank
Sod&c Anooymc

Arab Jordan I n ves tm ent Bank
frib Bank (Middle Base) E.C.

The Arab Innstmcdt Company S^AjL
Moscow Naroduy Bank Ltd

Boruc Office

Banco di Soma, T nm^w g nirti
Sumit o mo Finance (Asia) limit ed

IIBAN —Arab Japanese Finsnce limited Arab Asian Bank E.C.

The Arab Libyan Tunisian Bank SAL
MEBCOBANK— Middle East Banking

Company SAL

Banque Audi SAX.
LiToro Bank Overseas N.$C
CBNL Group)

Arab BankmgC6rporatiofi(ABQ
Agent Bank

THE BOARD of Caterpillar ■
Tractor has Increased the
quarterly dividend to 67|
cents a share from 60 cents. It
also announced that it expects
“ somewhat better" earnings
for 1981 than the $564L8m or
$6.53 a share recorded in 1980,
although physical sales
volume will be down
moderately

Caterpillar, which recently
announced reduced production
schedules, said that Hs pre-
dictions for 1988 assumed
improved business conditions
in the latter part of the year.

Caterpniar. which holds a
dominating position in world
markets for earfomoving
equipment, was showing a 13
per cent gain In earnings in
the first nine months of 1981,
and Wall Street analysts are
looking for year-end share
earnings of around $7 With a
further moderate increase In
the current year.

SWISS FRANC
STRAIGHTS issue

Aaroport Paris 64 91... 60

Aslan Dev. Bank 8 90 SO

BFCE 64 91 100

Bfllgolectrlc Fin. 74 91 100
Bell Canada 74 93 ... 100
Bergen, City of 64 91 to
Bet. da Auropistas 8 90 50

CECA 64 91 80

Dome Petroleum 54 91 100
Dome- Petroleum 74 90 100
Franc, Perrolas 64 91..-. 80

Genster 7 91 100

In*. Amer. Dv. Bk. 7 91 100

I/S Elsem 84 91 60

Japan Air Lines 74 91 100
Neder. Gasunie 8 91... TOO

OKB 7 93 100

OKB 74 .91 100

Oslo. City Of 8 91 ..... TOO
Saint Etienne 84 91 ... 20

Swed. Ex. Credit 74 91 75

TUT O/S Fin. 8 91 -50.

CONVHmBLE Cnv. Cnv. Chtf.

_ dm* prico BW Offer day Pram

Ajinomoto 54 SB 7/BI 933 994 m ^ ,. OT

Change on

Issued Bid Offer day week Yield
60 W4 95 -04 +04 7.29
80 1024103 -04' 0 7.54

100 9S4 96*, _04 +04 7.21

100 1014 1014 +04 -04 7 JO

TOO . .1054 1054 +04 -04 6.54
to 10041004 +04 +04 6.87
50 1004 1004 -04 +04 7.88

80 99 994 -04 -04 6.87

100 9*4 9J4 -04 +04 6.61

100 1004105 -04 +04 6.48

80 W, 9<4 -04 -04 7.31
100 10241024 -04 -04 8.59
100 894 1004 +04 +04 6.B9

60 104 1044 +04 +04 7 . 8 S

100 1044 1044 -04 +04 6.80

TOO 106 1064 -04 -04 ?.n
100 1004 1004 —04 -04 S as

100 1004 1014 -04 -04 7 TO

TOO . 108 1064 -04 -04 7!ll
® JO^W+04 -04 *79

W 37X3 0 +1 7.67

50 1054 1054 -04 -04 7 :?8

MjmuMiuio 00 7/BI 933. 994 lOVL — OL' 1 OS

Bow VaMaylnv. 8 95.,. 4/BI 23.12 im mZV —04 20.68
Canon. B4 95 1/81 B2B. T124TW4 -IV 3£S

f 1/m *09. T1S4TM4 -tv 3^8

Foilrau Fanue 44 98 ...TO /81 6770 TOB4 KW4 +mT 5 60

Hsnson O/S Rn. 94 38 0/81 2.74 . fB7 BB 0 -«TO

Hitachi Cred^Cpn. 5.96 7/ST T773 824 944 —14 l.to

\SSSdVm IS ^ '« +£ 2 * 7 ?

” V21 ■» -794 -04 TO.M

^ r*’ 7/fft TO8 ara, _ t w

MqponCHsqii.C.5*l...1om W» 7«4 784-5 ■ 1 .W

Sanvn Socrric 5 98 TO/m PS 2 *>4 -S «

Sumnomo Men R. 96...lO/«n yng . - m . 664-” 0117
Serin Bk. Con. 54 90„. 9/W1 191 +77 79 O' T1A2

Tavfar Woodrow 84 90 1 W eSO tff 7 ? -2 -I*

Tricon? 84 05 2/81 T1J5_f734 75 .0 60.02

- 2/3WTO 79. 188 BB" ‘ 0 t05

Unilever NV 74 S3 ... TOO T108 1084 -04 -04 bit

World Bank 8 91 .100 ■ «*4 934 -04 -04 e!w

World Bank 7 90 TOO W14 1014 +04 +K e 75

World Bank 8 91 TOO 10*4 165 -04 -04 7 ^

m 283 too -raw, —04 — 0 JO
Sharp Cpn. 84 88 DM... 9/8DSB14 1894-1704 —4 -4.14

Avenge pries chsngea... On day -04 on week 0

YEN STRAIGHTS . Issued Bid Offw d^TSUk* yield
Asian Dov. Bk. B4 91... IS ' 894 TO04 +04 +04 a »

Australia 64 88 20 914 - 924 +04 +04

EIB 74 89 12 , 984 «4 +0? +04 7 S

Finland, Rep. of 84 87 15 . • 984 994 +r >4 +04 n'S

Int.-Amer. Dev. 84 9T 15 1014 1024 +04 +S bm

New Zealand 84 87 ... 15 .10041014 +04 +04

Average price change*.... On day +04 on week +04

OTHER STRAIGHTS -Issued Bid Offer +jy* wdqK. yield
Can. Ublltiee 17 98 CS EO 1984 8 B 4 -04 n w „

Federal Dav. 174 85 C$ to tlM «5. -04 -04

GMAC (Can.) 18 B7.CS. 60 t«S4 1064 -O? -04 1«5

Pancanadian 16*, 88 CS 66 1984 984 O +04 May

Qtwb. Urban 154 88 C$ 20 +10041014 O o TO®

- • avail* bio— previous day's pries.

Btrafaht T ™. rfe ,?, mQ . k =r suppHed a price.

*5SKJ5?tS ‘ Th " yWrf l * ^d to redemption of ft*

' iB »" millions of cyrrancy

' b0 "' f * h i* In. -billion*.

waak - Change over pries a week tsrtisr.

"SBiSSLS 1 ?: in unleaa Btfier-

• 'nolcatsd., Coupon shown i*. minimum. C.dte-M»

Spread -MamJn above
fn? ,I* tB three-month: ^ *bw# moan

C.opn-Ths current, coupon.

c.vid— The current yield:- .1 . .

wim in^eated, Chq. day*- Change on day.. Cnv, date =
conversion Into shares. Cnv. price »
af hond °* r * hBre oxfireBswt in
. 8rB tt amyemfon rate fixed at Issue,
pramlum of die current eReethra pries

ford am Cpn. 13485 CS- -30— 194 55

^a CW J ,n T B Ud.. -T982. ' RopredUcrian fa whole
orinpsrtTn any fomu nnt p pnnhwd without, written!
OOTpont, Jtetersuppfiod by DATASTfCJMd- fatsoMrtfonsL,

fr--.

s.

^^andaTTiines Thursday^ Jaiiuaiy 7 1982

and H»fets 1NTL. COMPANIES

°U${

sir ^

deal* . .ui*'

**>*$
-m a . 3 ?

•k* cr.} %•
*n t

Ill

?* p t;

.*« Jfi,

u4, T'S*
lo

SU to

^50b(

;SS
< ' n ^
. aVjf Of jj

?._ p ; ,w ?«■'

:■'•■*' mi

' ,0u; ^

■ IPTl‘>f"

, .V. '- n^*
' -'- L * !b>

.... * t , y.

"* ■ * - 'i
. ' ' ' -- -*t ; ,

''■'••"I..*.; i/m
*?>*;■

-■£?£

ERViCE

■, '':^7 3r

*'-"■■ ■: ”:s«i

.•>:•• : ."sEjj.

- -- : *r:
“. : : ; si
*• ■:. •: ? ai
t •: -“.-fts*

■:'••*: •‘.-.-va
■?;, - -%-v.ns
•• •- - -*,>•'

* -:•, -M-

• - - ■ -*t:

BY FAY GJBBR W OSLO

SAGA PETROLB W Norway-s
largest private .enterprise oil
company, coutd sooii be forced,
to provide substantial amounts'
,of new equity for Us loss-making
petrochemical', offshoot, - -Saga
Fetrokjeml;.. - . ..

Three other’ Norwegian com-;
pames which: •’ have minority
stakes nrrifie- company- have
refused to put more' money in to'
PetrokJ emi -because of the poor
outlook for petroche micals.

' Additional' Capita? is needed
because creditors, who provided
thfe company with a $75m loan

some time -ago stipulated that a:
certain ratio- must -always be
maintained between capital and
total " debt. Petrokjenri lost

extra capital

; NKrllOm ($19m) in 1981. •

The three minority partners
too are now xefusfcig to pot
more cash into Petzokiemi are
Dyno Industrier, a manufac-
turer of plastics, i jj'wVffllii and
- explosives, and two metallur-
gical firms, TTafqlimd and the
state-owned Ardal oe Sunndal
Verk. ■ : -

A year -ago, all three in-
creased their stakes in the com-
pany from 8 per cent to 14.7
per cent each; but declined
Saga Petroleum's offer to with-
draw from the company
entirely, a move which would
have left them each with a one-
third share. : -

Saga Petroleum apparently

is wilting to provide fresh capi-
tal in proportion to its present
56 per cent shareholding in
Petrokjemi, but has yet to agree
to put 19 the additional funds.

Petrokjemi, which has a
present capital of NKr 500m, is
responsible for operating three
polyolefin plants near Raines,
in east Norway, which it owns
jointly with StatoiZ, Norway’s
State oil company, and Norsk
Hydro, Norway's largest indus-
trial group.

The plants are part of a
petrochemical complex built in
the second half of the 1970s to
utilise natural gas liquids from
Norway’s Ekofisk field.

:• :• *. ->i

* - , -V

r ;- i 3 +

,-w -. ’ --

.. - - -?»

r- + +'.

_■ -J -5,-j’
v, -^"T.

Montefibre on recovery course

BY JAME5 SUXTON M HOME

MONTEFTBRE, the. synthetic
fibres .concern, which is con-
trolled hy the Montedison
chemical - , groupr ‘ dosed ~ 1981
technically at . break-even for
accounting purposes. Earlier
last year a small operating
profit had been, forecast.

•At that, time it - was not.
expected that the operating
profit would Jx! ■ sufficient to
cover depredation, nor the
company's- debt servicing -

burden, .- etimated at shout
LSObn ($5m) for 198L Now the
company expects to make an
operating profit in 1982. It has
not made a profit since 1974.

- Montefibre thus appears to be
on course for the recovery fore-
cast in the rescue plan for the
company drawn up in 1979.
.Following years of heavy losses,
during which the parent com-
pany Montedison has had to
provide a total of L560bn to

cover its losses, its capital was
increased partly through the
help of a consortium of basks
and' its debts were consolidated.

The rescue plan, Much in-
cluded provisions for industrial
restructuring, envisaged the
stabilisation of the company by
1982. Its debt was expected to
fall to L385bn by the end of the
year from L609bn at the end of
1980.

We arejileased to (nmounce that the following
.wUlbecoinePriruxpalsof

MORGAN STANLEY INC.

Capital Markets

£ James I. Berkowitz ' . Perry E.EaH II

Michael A. Brown Richard C. King

EaffeneM. Cheston, Jr. - - Robert A. Metder

Thomas P.Clephane SheCbg Nothin ■

Gordon S-Grag . . .. David P.Renehan

James G.Groninger . . DenmsG.Sheroa

; 7 •- 7^nance r AimuustraSon& Operation* -.

Scott A,BeUdr

GtergW.Fcnfana

Ned B. Sachs

Firm Inv e s tment Account
■ William KMardg

Investment Baxkmff

P.JoanBecJc
John H. Erdmtm, Jr.

. John K. Hepburn
Robert C. McCormack
Robert C* Murrag
Stephan R Newhouse
Peterj, Ogden

Simon ROrme
Clayton J*Rohrbach JU
James A.Runde ■
John Thorndike
Gregory H.Tmrhbnll
JohnR . Zacamg,Jr .

MORGAN STANLEY INC.

effective J amary 1, 1982

December £2,1981

lest Am. ofikeAMeriaUiRao York, Rea York 100*0

NEW ISSUE January 6. 1982

FEDERAL NATIONAL
MORTGAGE ASSOCIATION

15.05% Debentures

DatedJanuaryll.1982 ' Due December 10. 1984

Series SM- 1984 -S Cusip No. 313586 LN 7
Non-Cailable ■ - ■

Price 100%

IffSSunSrttm-aottidrity contained in Section 304(b} of the Federal

^t^S^ASS^ e rAct[12USII1716etseq.).

of^na&^wide’SeJRng Group of recognized-deafeis in securities, .

Debentures will be available in Bqok-Entrylprm cmly. •
V There will be no defimitive securities offered.

John J. Meehan

Wee President for Finance and Treasurer

Alton C. Sell

Director of the Fiscal Office

1QO Wfell Street. NewYorK N.Y. 10005

ThsenoouncemBritappea/e as a matierof record onhfi

Swiss
banks told
to disclose
more

By John Wicks in Zurich

SWISS BANKS can no longer
cover losses from unpub-
lished reserves without
revealing this in their profit-
! and-loss accounts. The
Federal Banking Commissic^
rescinding a circular it had
issued in 1975, contends that
the earlier practice had been
interpreted too liberally by
some banks and must now
stop.

The circular had laid down that
it was generally forbidden to
carry out compensatory book-
ings between income and
expenditure positions, but
made an exception in the case
■ of loss coverage and the
'creation of -contingency
reserves. Banks could, like
- .other companies, off-set losses
with unpublished reserves
and provisions and with
current income.

In recent years; however, the
number of cases in which
losses have gone unrecorded
in. a bank’s annual accounts,
following the use of hidden
reserves, have steadily in-
creased. The most notable
instance Was that of Swiss
Volksbank, which in Noveru-

- ber disclosed that it had set
aside a total ' of some
SwFr 140m ($77 .3m) from
unpublished, reserves in 1980
and 2981 against “ loss

- risks ” in connection with
forward trading silver.

In a letter to the Swiss Bankers’
Association and individual
banks, the Banking Commis-
sion suggests that in future
any liquidation of unpub-
lished reserves should figure
in the prod t-and- loss account
under “miscellaneous”
items.

Exports boost

electrical

arm of Empain

By David White in Paris

JEUMONT-SCHNEIDER, the
electrical engineering arm of
the Empain-Schneider group,
has announced that Its 1981
results will show a sharp im-
provement. based on a big
' rise in export orders.

The company said that net earn-
ings, after more than doubling
: the year before to FFr 52m

- $9.1m), would show a “clear
progression.'* ■

In spite of having trans-

• f erred • its FFr SOOm-a-year

cable division to a joint ven-
ture controlled by Thomson-
Brandt, J eum,o nt-Schn ei d er

produced turnover figures in
tine With the previous year’s
sales of FFr’ 3bn. On a com-
parable basis, this represented
an increase of 17 per cent.

New orders reached FFr 3.3bu
— an increase of 30 per cent
on an equivalent basis.
Export orders soared by 68
per cent to. -FFr lJifibn. The
company said that its expand-
ing electronics activities now
accounted for half its total
Activity.

The statement confirms the
relative strength of this part
of the Empain-Schneider
group, which is in the throes
of a Government-inspired re-
organisation. The reorganisa-
tion affects, the group’s steel,
machine tool, shipbuilding
and nuclear activities.

• Pernod Rieard has increased
its interim dividend to FFr
7.50 a share from FFr 7.00.
lost month it was wrongly
reported that the French
drinks group had cut the 1981
interim payment.

Sharp advance
at Naarden

By Charles Betdietor In
. Amsterdam

NAARDEN INTERNATIONAL,
the Dutch, flavours and
■ fragrances group, increased
net- profits, to more than
FI 12m ($4.8m) in 1981 from
El 7.1m the - year before.
Turnover increased to more
■ than .FI 500m ($202m) com-
pared with FI 468m in 1980.
Ip the first six months of 1981
Naarden reported net profits
mpra than doubled to FI 8.4m
on turnover of FI 294m. Much
of this’ improvement was
attributed to _ currency
fluctuations.

Demag order
intake rises

- By Our financial Staff

MANNESMAN DEMAG, a
subsidiary of. the Mazmes-

. pjjpemakihg and heavy indus-
trial companies, says its order
inflow totalled’ DM3.7bn
<$U3m) jh 1981,. up 6 per
cent from 1980. Order inflow
for . . industrial installations
was .boosted by contracts with
ttie US. and the. Soviet Union.
On standard products business,
“ pleasing " . foreign orders
failed, to. fully make up from
a decline in domestic orders.
Looking to 1982, Demag predicts
.that domestic business wiH
pick np. in the second half of
the year. The company pro-
duces metal procesang equip-
ment, mining and construc-
tion equipment, ‘and plastic
forming mariimexy.

THE ROYAL BANK OF CANADA

■ t

NOTICE OF PARTIAL REDEMPTION

TO THE HOLDERS OF 9% DEBENTURES DUE FEBRUARY IS, 1992 OF
THE ROYAL BANK OF CANADA

NOTICE IS HEREBY GIVEN, pursuant to the provisions erf the Trust Indenture bearing formal date of April 15, 1971 fas ■
supplemented) and to the Fourth Supplemental Trust Indenture bearing formal date of February 9, 1977 (herein collectively referred to
as the ‘Trust Indenture”) between The Royal Bank of Canada (herein referred to as the “Bank”) and Montreal Trust £°"V^JPhereiri
referred to as the ‘Trustee"), as Trustee, providing inter aSa for the creation and issue of 9% Debenture of the Bank, that C51 £00,000 ■
aggregate principal amount of 9% Debentaes due February 15, 1992 of toe Bank in coupon bearer form in toe denomination ot C$1,000 -
each bearing-the distinguishing letter “G" and the under-mentioned distinguishing numbers, namely; . .... •• ,*

00042 Q21 SO 04168 06175 08325 10284. 12157 13761 18091 18109 19967 21834 23802 2SW 27871 2WS1 31641 33893 35668- 3824g

00044 02208 04202 06167 08384 10306 12237 13840 16QB4 18113 20012 21841 23821 25674 28015 29606 3«88 33801 35744 M24B

00056 02234 04261 08252 06338 '10367 12267 13885 16133 18120 20022 21948 23828 25688 28081 28313. 31S20 S3955 35T84

00061 022S1 04286 0627S 06400 10388 12273 13888 16177 18130 20034 21862 23940 25728 28113 28886 31935 338S3 33»0. WHO...

00070 Q227D 0433B 06304 08408 10402 122M 13988 18238 18184 20051 21874 23845 25758 20125 28884 21948 33965 35840 38317

00087 02844 - 04349 06375 08427 10432 12276 13904 16245 18191 20095 22003 23947 25783 28182 28829 |1«» 33977 358B5 3B322

00121 02425 04410 06384 08440 1045# 12260 14006 16259 18205 20111 22017 23877 25766 28198- 29846 32007 34035 35682 33341 .

00157 024S1 04437 06307 08467 10483 12315 14007 16307 18217 20113 22081 23982 25770 28206 29983 32122 34C5Q 35913 36345

■00190 02«5 04493 06388 06477 10514 12327 14097 16316 18225 20131 22005 23809 25840 28214 28870 S2172 34007 35947 3836? „

00211 02499 04516 06406 06466 10546 12430 14104 16341 18241. 20273 22086 24002 25842 28242 30025 -32V88 34138 36030 ^96.;

00273 02571 045S6 06425 08496 10551 12439 14123 16358 16257 20286 22100 24004 25845 28268 30053 3221 3 34138 36063 384H5

00369 02612 04597 06456 06563 10578 12460 14128 16388 18271 20309 22102 64027 25860 28275 MOM 32227 34140 MOM -

00377 02616 04605 06505 08587 10593 12480 14238 18375 18272 20356 22125 24089 25877 28352 30097 32250 34 183 36162 38418 -

00408 02696 04611 06623 06634 10631 12506 14247 16413 10298 20382 22180 24104 25043 28354 30099 3S255 *4190 36132 30422.

00425 ■ 02688 0J34A O6670 08670 1 0540 1 2510 14302 16450 18379 20400 22207 24181 25987 29405 30146 32266 34327 *1B5 36505 ...

00439 02700 04876 08672 08601 10693 12524 14389 18467 18388 20462 22209 242S7 26009 28470 30154 32258 34361 3619b-

ItfUfiS 02705 04878 rWWWI MHu irwK 19*4» 1441 A 18478 1R415 20480 22779 24207 98070 28477 30179 32305 34384 38198 38604.

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10284.

12157

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10109

19967

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13840

160B4

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08333

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13885

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04286

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1B415

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02612

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1S4J7

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20784

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04698

06902

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10865

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16731

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06922

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10915

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16840

18770

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08912

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1B7B2

20888

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11079

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10884

20962

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15142

17020

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17031

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21012

,38786 4
38736.
3BB00--
38001 ,
38807 - -

39003- i
39135. '

39141
■ -39148
39165
39198
3824?
39250
35274.
99361
38387

398M
38880
39352'
39355
S9S85
•40033 ■

have been selected by lot by the Trustee for redemption cmthe 15th day of February, 1982, for sinking fund purposes only.. All such
. Debentures so selected will be redeemed on February 15th, 1982 in lawful money of Canada at toe principal amount thereof upon-
presentation and surrender of toe said Debentures (accompanied by toe interest coupons appertaining thereto which mature after; ^
February 15, 1982) at the option of the holder, at any of toe following paying agents; .>tr

Orion Royal Bank Limited, 1 London Wail, London EC2Y 5JX, which replaces Orion Bank Limited as Principal Paying Agentf .
The Royal Bank of Canada, The Royal Bank of Canada Building, 1 Place Ville Marie, Montreal H3C 3B5; The Royal Bank of Canac^r '

6 Lotobury, London EC2R 7JY; The Royal Bank of Canada (France), 3 rue Scribe, 75440, Paris; Burgardt Und Nottebohm Bank A.G. .
Liesegangstrasse 20, 4000 DQsseldorf 1, which replaoes Bankhaus Burgardt und Brfickelschen AG.; Chase Manhattan Bank
Luxembourg SJL, 47 Boulevard Royal, Luxembourg; Credit Suisse, Paradeptatz 8, CH 8021 Zurich; Swiss Bank Corporation; .* •
Aeschenvorstadt 1, CH 4002 Basle; Union Bank of Switzerland, Bahnhofstrasse 45, CH 8021 Zurich; Westdeutsche Landesbanfc ’
Qrozentrale, 56 Friedrichstrasse, D 4000 Dfisseldorf.

Debenture Holders should detach the February 1 5,T 982 coupon and present it In the usual way-

NOTICE IS ALSO HEREBY GIVEN pursuant to the terms of toe Trust Indenture, that all interest on toe 9% Debentures so called ’■
for redemption shall cease to be payable from and after the said 1 5th day of February 1 982 and coupons for interest to accfue after such •*
date upon said Debentures shall become and be void.

DATED AT MONTREAL this 7th day of January, 1 982
THE ROYAL BANK OF CANADA.

BY MONTREAL TRUST COMPANY, TRUSTEE

THIS ANNOUNCEMENT APPEARS AS A MATTER OF RECORD ONUT

CENTRAIS ELETRICAS BRASILE1RAS S

ELETROBRAS

U.S. $85,000,000
MEDIUM TERM CREDIT FACILITY 1
IN US; DOLLARS AND DEUTSCHMARKS

LEAD MANAGED BY

CHASE MERCHANT BANKING CITICORP INTERNATIONAL SAUDJ INTERNATIONAL BANK
GROUP GROUP AL-BANK AL-SAUDl AL-ALAM1 LIMITED

THE SUIWTOMO B AN fC- THE LONG-TERM CREdlTI^ANK

THE SUMITOMO BANK,
LIMITED

THE BANK- OF- KUWAIT AND THE
MIDDLE EAST. K.S.C. ' '

THE CHASE MANHATTAN. BANK, NA

THE LONG-TERM CREDiT BANK OF JAPAN,
LIMITED • • -

-TH^SUMITOMOBANK,^ -UMffED
THEKYOWA BANK e UD. a , . : ;

ALAHLI COMMERCIAL BANK I: B.S.C.
BANCO FONSECAS AND BURNAY
BANCO SAUDTESPANbL,' SA-
— SAHOESBANK— ' ■ ' ----- *

OF JAPAN, LIMITED

' CO^JATtASEDBT

: - THE KYOWA BANK, UD. - ;
MELLON BANK, N A

' FUMDS PROVIDED BY

CITIBANK, NA . . j;

SAUDI INTERNATIONAL BANK. .. ’ . : . .

AL-BANK AL-SAUD! AL-ALAM! LIMITED -

5 - THE BANKOF KUWAIT AND THE MIDDLE

MELLON BANK, N A ^

jHEBAybiiRmsH .

ALBANK ALSAUDI ALHOLLANDI ■ ^

EAST-K.S.C.

THECHASEMANHATTAN BANK, NA

NOVEMBER 1931

24

Tlffii«#ICUJM3MSffflPPS^ffiAMAnfflOFRECDmCB^

A

V

Avianca

AEROVIAS MACIONALES BE COLOMBIA, S.A.

U.S. $1 20,000, ODO
MEDIUM TERM CREDIT FACILITY

LEAD MANAGED BY

CHASE MERCHANT BANKING CROUP CHEWUCALBAINnCnUTERWAnOIUA^

BMNAGSDBY

BANCO DEL COMERCIO, SJL

ARAB LATIN AMERICAN BANK

-ARLABANK-

BANCO HI5PANO AMERICANO, S JL THE PHILADELPHIA NATIONAL BANK

STANDARD CHARTERED BANK LIMITED

AND

BANCO DE BOGOTA

BANCO DE COLOMBIA, SJL (PANAMA!

CO-MANAGED BY

THE FIRST NATIONAL BANK OF BOSTON

NEW ENGLAND MERCHANTS NATIONAL BANK

-BANK OF NEW ENGLAND—

FUNDS PROVIDED BY

THE CHASE MANHATTAN BANK, N.A.

ARAB LATIN AMERICAN BANK
ARLABANK

BANCO H1SPANO AMERICAND, SA.
STANDARD CHARTERED BANK LIMITED
BANCO OE COLOMBIA, S A (PANAMA]

NEW ENGLAND MERCHANTS NATIONAL BANK
BANK OF NEW ENGLAND

CHEMICAL BANK

BANCO DEL CaMERCID, SA

THE PHILADELPHIA NATIONAL BANK

BANCO DE BOGOTA
NEW YORK AGENCY

THE FIRST NATIONAL BANK OF BOSTON
BANCO OE SANTANDER
BANQUEANVALSA

AGENT

THE CHASE MANHATTAN BANK, ALA.

DECEMBER 1981

This announcement appears as a manor of record only

Rashtriya Chemicals and Fertilizers Limited

KD 30,000,000

1 2% per cent Guaranteed Notes due 1 988

Guaranteed by

the Republic of India

Kuwait International Investment Co. s.a*k.

Kuwait Foreign Trading Contracting & Investment Co. (S.A.K.)
Kuwait Investment Company (S.A.K.)

December 1981

TOta mwaeMMi* appMn u ■ UMrol HHod <rt»

MERZAFttO SHIPPING CORPORATION

huacqalnd

RLV. “MERZARIO ARCADIA"

nd

M.V. "MERZARIO FENlCiA”

Medium Term Financing has baenanangad by tfic
PKbaoken Group

Swedish Export Cra dB

Ptwtdadby

PKbanksn

Eurodollar Loan

Pnwidedby

PKbanfcen International (Luxembourg) SJL
PKB Investments Umtted

K

U.S. $15,000,000

The Industrial Bank of Japan, Limited
London

Floating Rate London-DoIIar Negotiable
Certificates of Deposit due 7th J uly„1 983

In. accordance with the proviaons of the Certificates,
notice is hereby given that for the six month Interest
Period from. 7th January, 1982 to 7th July, 1982, the
Certificates will cany an Interest Pate of 15J% per
annum. The relevant Interest Payment Date will be
7th July, 1982.

Credit SnisseT^BostottlMM
■AgentBank

Weeldy net asset value

Tokyo Pacific Holdings (Seaboard) N.V.

on January 4th 1982: U.S. $67.55
Listed on the Amsterdam Stock Exchange

Information: Pierson, HeWring & Pierson N.V.,

Herengracht 21 4,1016 BS Amsterdam.

Financial Tunes Thursday January 7 1982

ffijtats INTL; COMPANIES & FINANCE

Further growth in profits
and turnover at Amatil

BY GRAEME JOHNSON IN SYDNEY

AMATIL, the diversified
tobacco, food and drinks group
in which BAT Industries of the
UK has a stake of some 40 per
cent, lifted earnings by 16.1 per
cent to AS36.2m (US$41m) in
the year to October 3L
The dividend total is held at
20 cents a share with an un-
changed 10 cent final on capital
increased by a one-for-five scrip
issue last year. A further one-
for-five scrip issue is proposed
but the new shares will not
rank for the final dividend.

Turnover advanced from
A5LI5hn to ASL32im, and pre-
tax earnings jumped by 30.1 per
cent from A$4&2m to AS 62 . 7 m
but tax. up from. A?16.8m to
A525.9m cut deeply into net
earnings. Depredation absorbed
AS18.2m against A$IA8m, in-
terest payments A$19.7m
against and minority

interests A$0.6m - against

A SO 15 m Ffliriing g were Struck

before an extraordinary loss of
ASfl.lm compared with
AS2.31m in 1979-80.

Record results from the
tobacco and beverage divisions
mainly accounted for the strong
pre-tax performance. Both
sections lifted sales, . market
share and profitability. Results
from the meat and pastoral
divisions were poor, but the
printing and packaging ddviaon
earned significantly more.

The results include the 70
per cent owned Fibre Container
which recently announced an
increase in earnings from
A? 536,000 to AS 1.8m.

Singapore
property

By Georg!® Lee in Singapore

Raunaq Singh in shipping move

BYK.K. SHARMA IN NEW DELHI

THE RAUNAQ SINGH group
has announced that it will raise
Eurocurrency loans to finance
the purchase of two ships cost-
ing Rs 200m (322m) which will
form the basis for a new com-
pany, Raunaq Shipping Lines.

Mr Raunaq Singh, the group
chairman, said the Government
bad approved the proposals

■which will help the company to
diversify. About 10 per cent of
the purchase price will be met
from internal resources.

The group is to buy two
vessels of 30,000 dwt each.
These will be owned by the
group's main company, Bharat
Steel Tubes, which will lease

them to Raunaq Shipping
Lines.

Mr Singh said the group has
embarked on an expansion and
diversification programme
which involves establishing its
first three ventures abroad. Two
will.be in Indonesia and the
third in Singapore.

crry developments, a

major local properly developer
associated with the Hong Lecng
group, raised pretax, profits for
tiie year ended October 31
by 32 per cent "to S$26Jka •
(U&$12J8aO and. net profits by .
16 per cent to S$15-27m, ...^ 1

It also announced rights ann
scrip issues both of one share'
for every, three held witti <be.
rights priced at S5L80^ - . ,

A dividend of 20 emits

a share «is proposed on capital
of 12499m shares against
20 cents on lQlJMm shares fast j

year- - . .

*nie rights and bonus issues

will Uft issued ' capital ' to" .
208 . 32 m shares and provide
about. S375m in additional
funds. 'Certain major share- i
holders have agreed to buy
54J22 per cent, or 22.56m, of j
the rights shares. ... I

The company forecast '
higher profits for the current' |
year and a dividend of at
least 20 cents a share.

King's Hotel, its 74.G£ .per-
cent owned subsidiary, reported- ■
pre-tax profit of S$6.4nv and ■
net of S33.7m for the year
ended October and proposed - a
gross dividend of 7.5 per cent

Tap Singapore groups lift
stock market value 30%

BY KEVIN RAFFERTY IN SINGAPORE

THE AGGREGATE market
capitalisation of the 100 biggest
companies quoted on the Singa-
pore stock market -rose by 30
per cent in 1981 to top S350bn
(U.S.$24.5bn) by ' the end of
the year. Ten companiese bad a
market capitalisation of more
than S$lbn. compared to seven
the previous year, according to
research by Business Times.

Oversea s-Chinese Banking
Corporation led the market
with capitalisation of more than
S$3.4bn and banks took five
places in the top ten. Develop-
ment Bank of Singapore was
ranked third. United Overseas
Bank Fourth, Malayan Banking
seventh and Overseas Union
Bank tenth.

Although plantation com-
panies fared badly because of
the recession and falling com-
modity prices, Sime Darby re-
mained in second position.
Malaysia Mining Corporation,
the worlds largest tin mining
company, also managed to climb
from eighth to fifth place by

market capitalisation thanks to
its acquisition in the year of
Malayan Tin Dredging. On the
other hand. Straits Trading fell
from third place to ninth, and
Consolidated Plantations

dropped out of the top ten to
11th.

• Five of the top 10 are based
in Malaysia; Sime Darby, Malay-
sia Mining, Malayan United
Industries (in sixth place).
Malayan Banking, and Genting,
the casino group which acquired
three robber companies (in
eighth place). The five Singa-
pore-based companies in the top
10 were the big four banks and
Straits Trading

One of the fastest climbers in
19S1 was PromeL the shipbuild-
ing and engineering company
which rose from SOth at the end
of 1930 to 12th place.

The growth of the market
capitalisation of the top 100
companies outpaced the rise in
the market The Straits Times
Industrial Index rose by 18.6 per
cent over the year.

£50,000.000 Guaranteed Sterling /US Doftar Payable
Floating Ram Notes due 1990

nwfruiiK •»*** —

Lloyds Eurofinance N.V.

(Incorporated in the Netherfonds with, limited liability)

Guaranteed on a subordinated basis as Co
payment of prindpa! and interest by

Lloyds Bank Limited

/incorporated in England with limited liability)

In accordance with the terms and cqndfesons of the Notes and
the provisions of d*e Agent Bank Agreement between Lloyds Euro-
finance N.V„ Lloyds Bank Limited, and Citibank, NA dated July 2,
1980, notice fc hereby given that the Robe of Interest has been fixed
at 15i5% pA. The relevant Interest Payment Date is July 6, 1982
(making an interest period of 181 days), and payment will be made
against Coupon No. 4. . .

The vahie of Coupon No. 3 payable on January 6, 1982, rs
USSI327Z

January 7, (982 .

By: Citibank, NA, London. Agent Bank

cnr/BANto

YONTOBEL EUROBOND INDICES

T4JJB : = 100%

PRICE INDEX . 29.12M1

DM Band 3 91.30

HFL Bonds & Notes 94.31
U.S. S Strt. Bands 85.38
Can. Dollar Bonds 87.35

5:1.82

91.56

94.43

85.87

87.60

AVERAGE YIELD 29.12.81
DM Bands 9.837

NFL Bonds A Noras 10.985
U.S. S Strr. Bands 14.148
Can. Dollar Bonds 14.593-

-5.1.82

9.780

10.969

14.180

14.629

o Vm ..

A. — * ‘ ’

OFFER * Y

r — > ;-L.

HARRAP'S

BUSINESS DICTIONARY

English-French and French-English

March# des valeurs hors cote?

Retenue(de I’impdtsurle
revenu) a la source?

• Baratinpublicitaire?

Asile fiscal?

• Taxe sur les pails?
Bailalongterme?
iPrixcoutant?

W |J

rr ;

. ‘ \ ? r

Personne quitravailie

au noir?

:•* J

Un ajout6?

-i'ion r;

C0MPRENEZV0US?

Interested? Then read on..

This new English-French dictionary is de-
signed as a basic translating tool for everyday
business language. It provides accurate com-
mercial meanings of words with specific exam-
ples of their business usage taken from Bank-
ing, Stock Exchange, Accountancy, Insurance,
Commerce and Law. Terms relating to the EEC
are also included and in addition the dictionary
has been compiled on the basis of the language
commonly found in commercial correspon-
dence, business newspapers, magazines and
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a Po fe

«rty

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.*• :«->
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. anSSarStfn^^^jj IRRENCIES; MONEY and GOLD

, yb fe flo SAP was -mostly easier
. to cun-racy .markets yesterday as
rales f«&;-feT!ewbg
Moray's •- lower TLS.y Federal
fund rate. " •-.

Sterling was : : ■ftrwer '

(ited

j' " ■*

• 2’" " '• ' S I!
''■ ‘ 'i'tZ

' “ I5n .

C/ 77 S 4 WS)

. .*?*"»« . ; was . sUfiMy - JHraier
wrerau but belw ..its

refleciiog r - jr ; weaker
jeDd in. UK. interest rales.
Trading was ra&er .^uiet. .

The.. Belgian 1 , frad^ rMiained
the weakest iaeinber.dt tlie Euru-
P® 3 ^ Mobet2U7_', System
snowed a smiH ; improvement
respite a cntJn ■ fee. tbscbimt aijd-
Lombard ntifa 1 *; Elsewhere
member curreudfcs showed JJtfle
overall change, ■‘•with the 1 . French .
franc continuing as the strongest
cunrencsr v foil wed by the ‘ Hutch
guilder. _■ ■ .- . • -

_ -DOLLAR ■ — Tride weighted
index. (Bank bf England} lo&jj
against I07L2- . on. Tuesday and
110.6, ‘sit-months' ago: Three
nwntlt 'IYeasufy bills. 11.50 per
cent -(il.34-per 'cent six months
ago).. Annual : inflation rate .9.6
per. cent 1105 per 'cent previous
month)— The dollar slipped to
TM 2-2465 against the D-mark
frxTti DM 2.2610 and was lower
. against the Swiss franc at *
SwFr 1.S090 ' ■ compared - with
SwFr. 1.S110, It/was" '.slightly
firmer against the Japanese yen'
ho wever at Y219.6 from Y219.5.

STERLING' — Trade-weighted
indea: 81 J against «L5 *t : noon,
91.7 i opening and -91,4.. previous
dose (83-2 sir. months ago).
Three, month interbank 15 J* per
cent. U3 jV . per .cent six. months
ago ).7 Annual inflation rate 12 per
cent - (11.7 ■ per- cent.- previous ■
month). Sterling traded within
a very narrow range, in generally 1
featureless trading; Against the
, dollar the spread for the day was
only 2 .per. cent, between $1.92
and $1.93. It opened at $1.9250
and touched Sl .85 before noon, rt
touched its low late in the after- '
noon and closed- at Sl= 9235-1. 9245.
a rise of 1.15c. The pound closed
at DM 4.3250 against the D-mark,
slightly down from DM 4J3275 bn
Tuesday 'and SwFr 3.4825 from .
SwFr 3.4650. It was firmer .against
the yen at Y422.5 from Y420.0,

JD-apUtK — JEMS member

(second weakest). Trade weighted

.Index 122fl against 122.1 on Tues-
day and 115.7 six months "ago.

' Three-month interbank 10.55 per
/cent (1255 per cent six months
ugp). Annual inflation .5.3 per
cent fo.6 per cent previous'
month)-— The D-mark was firmer
.against the dollar at yesterday’s
fixing in Frankfurt The dollar
was ! fixed at DM 23478 down
from DM 22540 with the Bundes-
bmk, selling a token 53.6m.
Trading was rather quiet and the
dollar traded within a narrow
'Tange.' The weaker trend reflected
an easing in Euro-dollar rates
following a fall in Fed fond rates.
Sterling slipped to DM 4.3240
from DM 432®) while the Swiss
franc was lower at DM L2497
against DM 13500. Within the
EMS the French-, franc fell to
DM 39.3850 per FFr 100 from
DM 39.43 and the Belgian franc
lost ground to DM 5.8680 per
BFr 100 ’ compared .. with
DM 5B740. '

- BELGIAN • FRANC — EMS
member (weakest). Trade
weighted -index 1048 . against
104.7 oa Tuesday and 204.6 she
. months ; v age. Three-month
Treasnry. hiRr 15 j: per cent (161
per cent six .months ago).
Annual Inflation. . 8 J. per cent
(7*8 per cent previous month) —
The Belgian franc was slightly
firmer; within the EMS yesterday
despite, a one point cut in the
discount rate to 14 per cent and
a two point cut in the Lombard
rate to 15 per- cent. However,
figures released yesterday indi-
cated that the Belgian central
bank spent the equivalent of
BFr ibn last week supporting
the Belgian frage in the foreign
"exchange market. Within the
EMS the D-mark rose to
BFr .17:04 from BFr 17.03 and
the French franc was higher at
BFr 6.77101 f«Jm BFr 6.7140. On
the other hand the Dutch guilder
■slipped to BFr 155290 from
.BFr 15J5380 and the Danish
krone to BFr 5.2137 from
BFr. 5.2210.

. THE POUND SPOT AND FORWARD

Day's r. Throe %

Jan #■ spread Close One month p.a. months p o

u3sT 15200-1.3300 1.923M.3M6 036-0 2Se pm 1*70.80-0.70 pm l~56
Csnsdl * 2-Z780-2JJ880 2.2810-2^820 0.05c pm-0.05 dip — O.IOpm-O.IOdis -

Nethlnd. 4.73-4.77 A74V4.75Vi 2-1»-cpm 4.42 5>.-4 \pm 42

Belgium 73.SS-73.90 73.65-73.76 . 30-50c die -6.51 90-120 dis -5.71

Danmark 14.09-14.14 : 4S-3».or* pm 3.08 S',-3’, pm 1.21

inland 1.2100-1X230 1.2210-1.2225 0.24-0. 35p d(s -2.90 Q.74-O.B2dis -2.72

W. Gar. 4.31-4.34

4.73-4.77 A74VA75\i 2-1»-c pm

73.5S-73.90 73.65-73.76 30-50c die

14.09-14.14 : Ifl.OPrW.Wi «H-3>*ore pm

1.2100-1X230 1.2210-1.2225 0.Z4-0.3$p d(s

4.31-4.34 4X2-4.33 S-IStff pm

Portugal 725.00-126,00 125,40-125.70 20.185c dte

Spain

Italy

Nomay

France

Swsdon

Japan

Austria

Switt.

185^0-186.50 185.60-185X0 20-SOc die
2.309-2.318 2.313-2,315 12-16 lire die

11.1Z-11.10 n. 13-11.16 2V-V„oro pm

11.1Z-11.10
10-8M1.0O
10.60-10.65

418-425 422-423 3.40-3.10y pm 9X3 9.15-8.85 pm

i 30X0-30X6 30X2-30.27 l&'rlO’^ro pm 5.16 43-33 pm

345-343 3.47^-3.43% Z\-thC pm 6.46 5%-4 ? , pm

Belgian rata la lor convanibia francs. Financial freer 81.30-81.40.
Six- meruit forward dollar 0.92-0.82c pm, 1 2- month 1.25-1. 10c pm.

11.13-11.16 Z\-1\on pm

l0X7t<-10.98^ par-1 c dis

10.82-10,0 ' 2*5-t*4DrBpm

422-423 3.40-3. lOy pm

30X2-30.27 l^rlQ’tflro P«

3.47^-3.43% 2V1^c pm

4.85 S'o-4 7 , pm 4.74
-9.80 75-410 dis -7.73
“2X6 70-110 die -1.94
-7.00 44-48 dis -7.95
2.16 4*1-3% pm 1.44
-0.55 3i-4i, dlB
2A0 pm 2.19
9X3 9.15-8.85 pm 8.52

THE DOLLAR SPOT AND FORWARD

UKt 1.9200-1.9300 1.9235-1.9245 0.3S-0.2Sc pm
frafandf- 1.5740-T.5780 1.5760-1.57S0 0.70-0. 60c pm
Canada 1.1847-1.1862 1.1858-1.1862 0.18-0X2* d is
Nethinrf. 2-4620-2.4700 2.4620X.465O 0.57-0.47C pm
Belgium 38.24-38.31 38X9-38X1 22-26* dis

Denmark 7.3200-7.3340 7.3225-7.3275 0.8 5-0. Mora pm
W. Gar. 2.2410-2.2460 2.2460-2.2470 0.57-0. 52pf prtl
Portugal 65.10-45.40 65.15-65.% 25-105* dis

Spain 96X0-96.70 96X5-96.65 25-35c dis ‘

Italy 1.200V1.203 1,202-1.a» 8V91.- lire dis

Norway 5.7800-5.7920 5.7870-5.7920 0.60-0.35oro pm
France 5.6950-6.7100 5.7035-5.7085 1.00-1.10* dis
Sweden 5.5140-6.5275 6.5150-6.BS50 0.40-0 .20oro pm
Japan 218.70-219X0 219. 55-21 9. 65 1.40-1.30ypm

Spain

Italy

Norway

Franca

Sweden

Japan

Auetria

Switt.

96X0-96.70

1.200V1-Z03

25-106* dis
25-35* dis ‘
8 1 j-9 i : lire di3

218.70-219X0 219.55-219.65 1.40-1.30ypm
16.se-15.74 15.5SV15.70’- 5V-4gra pm

1 .7920-1 .B130 1 .8086-1 .8096 0.79-0.69* pm

%, Three
p.a. monihs

1.87 0.80-0.70 pm
4.95 1.BO-1. GO pnt
-2.02 0.42-0.47dis -
2.53 1.72-1.62 pm
—7.52 G8-73 dis -
1.19 0.25-0. TSdfci -

2.91 1.73-1.73 pm
—11.95 65-236 dis -

-3.73 75-95 dis
-8.98 25-30 dis
0,98 0.65-1. 15dic -
-2X1 4, DO -4, 3 5d 1 1 -
0.65 1.50-1.30 pnt
7X8 3 85-3.75 pm
3.51 16-13 pm

4.91 2.14-2.04 pm

t UK and Ireland are quoted m U.S. currency. Forward premiums and
discounts apply to the U.S. dollar and not to the individual currency.

CURRENCY movements currency rates

Bank of Morgan IBank! Special ; Europea

Jan. 6 England Guaranty Jan. 5 \ rate Drawing | Currency

Index .ChangoaS. . % > Eights 1 Unit

Jan. 6

Bank of |
England |
Index ,

Morgan
i Guaranty
Changes^

Starling i

91.5 1

f -38.5

u 3. dollar j

106.8

+ 0.5

Canadian dollar....

aa.5

— 16,3

Austrian schilling- 1

117.8 1

I +Z4.7

Belgian franc- i

Danish kroner. ;

ioq.8

+ 7.6

87.5 |

— 10.5

Deutsche mark-... r

138.6 j

+ 44.5

Swiss franc- 1

153.3 ‘

+ 104.3

Guilder -...‘I

114.8 ■

. +19.7

80.0

-14.5

55.6 1

-57.6

Yon- -

144.9 1

+ 59.1

Baaed on trade weighted changes from
Washington agreement December. 1971.
Bank of England Index {base average
1975-100).

OTHER CURRENCIES

Sterling....-.! —

U.S. tf ; tZ

Canadian 5„14.b6
Austria Sch. b-t

Belgian F. - 15

Danish Kr.._ 11

D mark.. 1 7t a

Guilder........ 1 9

French Fr. .. 9*2

Lira 19

Von 5»r

Norwgn. Kr. 9
Spanish Pts. B
Swedish Kr. 11

Swiss Fr„ " 6

Greek Dr'cft. 20<c

O.60b9b3

1 1, 16460 ,

1.58541 ■
1H.4027 •
44.7516 *
8.55995
2.62546
2.88115 ;
6.66615 '
1405,29 '
254.975
B.7S351 .
i 15.074
6.44659
2,10246

0.564815

1.06308

1.28875

17.1416

41.0644

7.674 ob

2.44578

E.08569

6.20413

1306.62

257.912

6.28454

1 05.245

6.05741

1.95554

68.3422

EIWS EUROPEAN CURRENCY UNIT RATES

% change

central'' .adjusted for Divergence

Currency •% change '

ECU amounts. - from - ; % change - -
' centre! against ECU .central ' .adjusted for 1
rates •. January & . rate: divergence

irTT7 40^7672 - +X17 +1.22

na ... ’ : 7iSU17'. 7.97549 • - +0X1? ..-0.14 . ..

-Mark. 240989 • * 2.44485 j +1A5 . - +0.50

1C ... ■ 8.17443 6.29799 - +0.54 -0A1

jar-; 2.6G382 X082O7 • +0.60 - -0X8 :

...... 0.884452 0.600413 ■ ' +0.BO -0.05

, i.lWWl. . 1308X9 . +0.59- ; +0A4

Changes ere lor ECU.' thareforii positive change denotes a
vreak currency- Adjuatmont calculated by. Financial Time*.

": StiMllog/ECU.nitB'-for January. 6 0.584033

EXCHANGE CROSS RATES

Belgian Franc ...■
Danish Krone. ...
German;- D-Mark
French; Franc ...
Dutch Guilder
Irish Punt ..U.....
Italian Lira

40.7B72
73U17'.
2.40989
: 6.17443
2-66382
0.684452
;1300JTT

divergence

'+ 1.22
.. -0.14
■ +0.50
-0A1
-0X6 :
-0.05
+044

.limit %

~±1A3Bf

£1-6412

±1.1077

±1X733

±1.5063

± 1.6888

±4.1229

Argentina Peeo. J20,164-30,184tl 10,450.10,50a; 1 Austria

Australia Dollar...;! .7038 1.70 55 ! 0.6860 0.8666' Belgium

Brazil Cruzeiro..j245.02 246.08 ! 127. 16-127.80 1 Denmark .

Finland Markka^; 8.342 5.354 4.3320-4.5370 i France ......

Greek Draehma..'l09.E1 l-l 10.658 ^57.30.57.50 iGerminy

Hong KongDollarl0.94 it 10.98iz S.6B85^.6935 'Italy

Iran Ala)—. 151.50* ' 79.00* Japan

Kuwait DInarIKDj 0.338 0.544 1 0.2814-0.2817 . Netherlands

LuxambourgFr...! 73.65-73.75 I 38.89-38.31 i Norway.. — .....

Malaysia Dollar...- 4.31 4.32 X.2400-2.2420 Portugal

New Zealand Dir. 2.3290 2.3330 1 1.2115- 1.2125 I Spain

Saudi Arab. Rlyeli 6.55-6.61 .3.4200-3.4220 Sweden-

Singapore Dollar^. 92 75- 3.93 75 2.0420 2.0440 Switzerland ....
Sth. African Rand] 1.8345-1.5365 ‘0.96354.9545 ' United States...
U.A.E. Dirham ^..1 7,03-7.09 ! 3.6710-3.6730 i Yugoslavia.......

• t New one rate. "Selling rate.

{ Note Rates

I 30.15 3045
1 8l.Q0B3.00
14.04 14.16
I 10.94-11.04
1 4.314.35

| 2290-2365
421426
! 4.72ir-4.76i«
I 11.09 11.19
I 124157
185>2-195i"
10.5710.67
3.453.49
1.911* 1.93 is
85 1* -91 la

FT LONDON INTERBANK ' FIXING- (1 1 .00 a im. JANUARY 6)

6 months U.S. dollars

b!d !47/iB offer 14 t/V

The fixing rates are the arithmetic means, rounded to the nearest one-sixteenth,
of the bid end offered rates for SIQm quoted by the market to five reference banks
at 17 am each working day. The banka an National Westminster Bank, Bank of
Tokyo, Deutsche Bank. Benquo Nationals do Peris and Morgan Guaranty Trust.

s cote?

EURO-CURRENCY INTEREST RATES (Market closing Rates)

French Franc; Italian Lira

24V16S<
14V15'«
ld-l*- 153ft
16 >4-26^
171* -18
18181s

17I*.29ig
IBi'-ailft
2 1-22
23-23 h
237a-Z4&fl
23!<X4S 8

— ,gian Franc,

Convertible .Japanese Yen'

25-18
15-20
X9^-21ia
SO-feSIJB
ZQ'b- 21 ig
18Ss-193g

SOfl finked deposits: one month 'ISV-ISPi 'per coat: three fnonihs IS’a-IZ 1 *!* par cent: six months 13*j*-13V per cent: one year lyu-l^i* per cent.

ECU finked deposits: one month per cent; three momhe 14*j*-14»i* par <env six months 14V-15 per com; one year 147 ta -l4i*ik per tent

' Asian S (closing rates in- Singapore) : i>ne month 13*s43V per cent three months 13V13^ P»r «"t: six months 14V14V pm cent; dm year iau, 11 -i4W 1 , per
cent. Long-term Eurocib«ar twoyears 15-15^ par cent: three years J5V15S per cent; four ye era 15V1S4 per cent; five years 15V lS*ii per cent nominal clos.ng rates.

The foffowrng nominal rates were quoted for London dollar carts flea tea of deposit; ona-mooib J2.85-12.95 per cent; three months 13.10-13.20 per cent; si*
months 14;05-14.1 5" per cent^'poe year 44ilSr14JS.-; . • . ,

MONEY MARKETS

GOLD

aiHe

London rates ease

London clearing bank base
^lending rates 144 cent
(since December 4)
Short-term interest rates eased
sfigbtly in quiet London money
market trading. - following; the
better than expected provisional
money supply figures from the
Bank of. England earlier . this
week and the downward trend in
U.S. interest .rates: The Federal
funds overnigjht rate f eU to Ilf
per cent '• on Tuesday, and
remained soft at around. US per
cent eariy yesterday,- prompting
intervention ; by the - New York
Federal ■ Beserve Bank to diain
reserves by. .-way of overnight
reverse repnrtiase agreements. '

The snppl;f : of ' money w»s
probably slightly. ,a2>ove -the
market's requirementsm London
yesterday, ' «7id . .tbe -Bank of
England did not intervene. ; In
its morning forecast the Bank of
•Rnpl and suggest ed that the

Slight

fall

151-15 ft per cent from 15ft-15ft
per cent . GoJd fell $3 an ounce in the

I* Bnwdg fiie Belgian ^

2 per cent, to 15 -per cent. The " ****

last change was on December 11, 311(1 ^ 401 ' 5 m

when . the discount rate was no J , “- p . - m ...
raised by 2 per : cent to 15 per ln r&ris 121 kii
cent as a " result of severe

pressure on ‘the .Belgian franc. |

The , latest . moves were in
response to an easing of short-

term interest rates, and the im- — ^KoisJSro

provemenrof the front following Morning riiing *!*4oa
fee solntion of Belgium’s recent Afternoon flxingJS40l-5ff
political crisis^ On ’the first two
days of this week .the central iMiabJi

bank interest ^ratw on short-

term Treasury certificates., Krugerrand... biobis-k

In Amsterdam the Dutch Mapieieaf ...»4i4is-4i

central 'bank met subscriptions New sovereign*. jsSBie-SB

& H h ,or a ? if % s&asaatts

FI 2.64bn at an interest rate of FrBncfl go^. f897.i07

10|- per cent ; The advance, so mw» Mexico , s497-500

fixed at FFr T4.700 per kilo
(S407.ll per ounce) compared
with FFr 74,500 (S406.62) in the
morning and FFr 74,500 ($404.89)
on Tuesday afternoon. .

In Frankfort the 121 kilo bar
was fixed at DM 25,180 per kilo
(S404.02 per ounce) against
DM 29,210 ($403.00) previously
and closed at $4014-402 & from
$403-404.

In Luxembourg the dollar per
ounce equivalent of the 12J kilo
bar was $402.5 compared with

morning and $401.5 in the after- $400.50.

noon. In -Zurich gold finished at $400-

In Paris the 12) kilo bar was 403 compared with $402-405.

Gold Bullion (fine ounce!

Ck3»o 1*408-405 (££OBV209 M) S 405-406

Opening .._3™ 1*401 S, -402*4 ‘C£Z08i2-a09j S400i a 4GHe
Morning fixing ^.1*402 . (£20B.506i 840

Afternoon flxmg|5401-5ff . (£208.680) $40

8400.75

$403,50

underlying surplus "was around- ^cb will add liquidity to the
£50m, and that the major factors money market, wiH be for a

Gold Dolne

Krugerrand-. |6«13iy^l4^ f£215.815Ig)

1/8 Krugerrand...iS213-214 (£110S«-1U1 4 )
il* Knigerrand.- BlOBia-logis (£56^-57)

VI* Krugerrand ;$44lt-45U l£25-23Hf

Mapieieaf- 041.4is-4.15ie ;i£215ic-216)

New 'Soveraign«.jS98]e-99 j£Bl Ij-BVrf
King Soveralgne.:Sl 15-116 (£69**-601 d

Victoria Sow-.JSHS. 116 . (£S0i f .6Ol«i

French ZQj- (®97-107 uC50l s -55iaj

60 petot Mexico ,$497 -500 (£256 >2-2601

100 Cor. Au«tTl*-| S3 90-593 |£202ld-204>(!

*80 Eagles 13510-515 (£26514 -267^)

New 'Sow*ign*.!S9B]B-99
King Sovaralgna.;S 115-11 6
Victoria Suva !S11S-116

l£2I5-215Ig) ( *41 54 16

iCllOVUl’i) • $214-215
(£5619-57) S 109-110

(£23-231*/ - - 844i»-45lj

(£215>e-216) 5416-417

l£61 $90^-99)4

(£69i*-60>U S115116

(£50J f 6OUi 3115-116

(£50!s-55t9f 507-107

(£2 58 >2-260} ! $497-500

(£202V204>«1 S 8301-394
(£26514-267*4) f $510-516

{£21114-211*4)
(££08-208 >*)
(£208.757)
(£210.408;

(£21634-21714)

(£11114-11214)

(£57-5712)

(£23l4-233t)

(£21714-21734)

<£51i*.3Ji,>

(£60-501*)

(£60-60 l el

|£5034-56i

(£85912-26114)

l£204)4-205H)

|£2681?-259i

■were: bills maturing in official
hands and a net take+ip of
Treasury bills ,-:f 135m. and a fall
in the note circulation. -f-'fUSm.

In • courfortabte conditions,
seven^ay intetb'ank. money fell,
to 14H4? P er cent from 14f*15i
per cent,'- and three-anontli to

MONEY RATES

NEW YORK -

Prime rate — ■

Fed;- funds

Traesury b>Us (I3;weeli)«
Treasury bills- (26-weak).i

GERMANY ’ '

Special Lopberd —

Overnight rats

One month —

Three months
Six months' ....... I-

FRANCE
Intervention - rate
overnight rate.

One monih

Three months

Six months

seven-day period beginning
today. The advance seems likely
to meet the current needs of the
■market, .with ‘ interest rates
steady in calm trading yesterday.
Call money was unchanged at

LONDON MONEY RATES

lOHOi per cent.

In Paris interest rates eased
sUghtly, with call money falling
to 15* per cent from 15$ per
cent. The' Bank of France

intervened to add liquidity al an
unchanged rate Of 14 J per cent
by purchasing about FFr 7bn of
first category paper, maturing
between January 12 and 20.

I Sterling r . ' I Local i Local Auth.
Certificate Interbank ; Authority ^negotiable
of depoalt deposits. - bonds

Overnight.

a days notice..
7 days or_.—...;
7 days notioa—
One month..—
Twomontn*....
Three months.
.Sly months...,..|
Nine month b...i
One year
Twoyaars

16VIS1*
15*15*
15l z 15Sa
I51a-16 Sa
15^15,?;
15^16.%

11-143*

146B-14I8

15«t'l5rt

; isa-isS

ISft-lSA

24<2-Z4Ss

l&i-Wi

14T 8 -15

151*

Finance - . {Discount i Eligible Find

House ‘Company Market Treasury Bank Trade

Deposits Deposits( Deposits Bi 11 ** Billet Bills «

- J4l4-14«fi 12-1414 - — . ^

16>»-15Tfl
16>4-16T8
1BI*»16 s 4
13ls -151 b
15S4-l51g
1568-15 3ft

- 147 B -15 |14f4-144g) - -

15U ' 156a . 14 >t ,14A-141j 14,t 14iS'

!5>a 15>4 j 14 >3 I4,i-i4;i ! 14,; ;

15Sg 157a i 14>2 J I4*fc 14-.>14Uj

15,t- — ' - - *14]i,-14>!

I5,t- * — I — ' — j —

15 >2 — l — • — 1 — l

14T7S •
15X5
. 14337$
-14X376
15.8825

Diacoum rate -5. S.. ..

Cell (uncondltibnal) 0 ^8)6

* Biltdiacount. (thnw+nomfe lU 6.5 82 5

Local authorities and finance houses seven days' notice, others seven days fixed; Long-term local authoriiy morlgage
ratta nominally three yw« IP* par esnt; four years IP* per rant: f ,wi ye«»* Iffl? per ccni. 9 Bank bill rales in table
era buymg ratss lor prime paper Buying rates lor lour-raon th bank bills uvM n ii per coni; fourth months trade bills 15'i

P#f ^mroxImsM seulng rats for one month Treasury bike UVW par cent; two monrhs H*u-I4«i4 per cant; three
mnritha 14^ per cent.. Approximate stU'mg rate tor orve monrh bank bids 14V 14“^ per cent; two months 14^ per
cent; and three months U^-I^tper cent; one monrh trade brils 15»* per cent; two monrhs IK. per cent; three months

1S ** R^iSiriHovses B* 1 ** (published by tire Finance Houses Association) 1&» 3 per cent from January 1, 1982.

Cfwrlnq Bank Deposrt RatM for sums at aevsn d*y*' notice iZi-IZ'i Per cent, Ciesnng Bank Rates for lending 14 s * per
^gru. Treasury. J i H* Averags tffldsr. rsbis'ol discount 14.7S53 per cent.

OFFSHORE &

OVERSEAS . in

FlIMnP Eoratas Investments LtiL

iUIIUj L mho) st. Ooudas. ble cf Mm.

■ view UK dgnisnS, St Abax. 072733166

Arirg inve s tme n t Euroas \m. FunJ 109 J} [ —

JSS 70fl l_^ OQ0 pK ^M 1 S A “I 269 F & c MgraL Ltd. lira. Adslsen

ft SJblj !‘"i — 1, LHvence Puntney Mill EC4 (04234600

Fooixtk puna SO .. _ FacAUarticFd. sa.i usaoi'

FonSa, 1 wail 24IX4t I - ' F.&C.0ri«oi Fa._l UESltl

AHany Fund Managcmrat Limited /**

F.O Bn»73,SLH«.iv. 05M 73433 Fldeflty IntOTKwna |±L

AtewS«.ICJt „.JL5WiJ» 2*7U ... J 2X3 P.0. BUu 670, JO«B»v Bran*

For Alpondw Funtf we Uo»ra Ea* lirj. Guemay. zoehnn tens— J USTJ71

FT UNIT TRUST INFORMATION SERVICE

Leopold Joseph* Soot (Boom)

x». Boseasumtt

Sue & Prosper loternatieoai
Si%, a. Halier.JMey

Khg ft Shnmt Ktpn. .

lGerieBCreaa.»W>ra,^*!

as®=^ 4 i

iS'Tiid. OumsSltsE 7J

Fat aubkic fa sa .

F.aC-Orieioi FcJ I

Prices

i®

On. & WttM> Saboip.

6B^=BftidHI=l =

Mebtwort Benson Group

20, Fandurch St, EC3L

U, Si Hfflar,

ABen Harvey ft 9ms lira. Mgt. (C.i.)

ICbarimCnHs.SLHeiwr.Jty.Cl. CSJ+TB:

AH ft Dolbr Inc Fd Ul Itiue^ j U74 Bottai VftinasTruU. UM*.W +U« l»j

AHR Gilt Edg.F0_^..|^iilfa7 lOjy+OlXj U* FaEiU-.'. -Qli

Alliance IntentaHaial Dotor Serves 'ff ff 1 *** 1 ---- ; uiffiiS? t<M 0.1

AW«S5&,W.'7W 8hte=dnrij&raiH

. (XsiribuliOn Jit +5 tQOObbUi tiZA** pju *Fncs a. December 3L

' Arfauftmot Securities (C-L) Ltd- (aKcKM Fteminfi Japan Fund SJL

f> 0. Hot 284. Si HtUcr, Jcncy 0i'« 7W/7 37. ru* LuamtXMV

DoHar Incan* TO IlKUM O.WM-'ji-il lo.oa Fieralng-Un.5 1 US KJBe 1 — 1 —

Tuoct 3 !j| li.'w Frankfurt Tn»t i n v wtmen t— fimhH

c. F4 .psiaitf 19

nup-uw

. . 4mV±. CunPt.$3*.
‘•I Amman vjb. urn*.

>s741 Auonha

U 74 DoHar VJHUS&TnSL

rtiffl -
+o« ua

Kuixrarci:

k£. lm.fcW.Fd. to.
K.aioUFw»l_ I

.nr®

| — ML to 73, a . Htfitr, Jwey 05347389S

uraFumi

. itomAnwriiaji*t__

| --j —

SSSSr***^t* .FI081 UA2| ...J —

n. $3 —Ok a ****0 k. 32. MM» dUW.1 De%
.— 7® deailrqi.

-%3i JJ" Schroder Lift Grasp

— 4mia Eataprise Kane, PortarouBL 0705 27738

! —4 mmU FMMb

Z A 2X

|*&j 27!

H421..-J -

UaN Dealing— 1 ,

Suiting RL 1173$ Lw.in +U.4I |

bNiifi on VMMUBir.

8.1 A. Bond Investments AG

Id Baorenircea CH630L Zua, twitreriand
tear* Sfd. Px. ie_|I067D loiooi . ...

Bank of America IntemSicnal SJL
35-SadeiQrd liajaf, Luwmbaura C-O.

ac based « MBttj.s. w.oama 1, WOOD FianMan

Free World Fund Ltd.

2uUM*U BOB, Hanalioq Bermsto. -
NAV Mm. 30 f US$15550 | ..^J -

G. T. IftBragenant fUJC) Ltd.

Kuna HitcnationM That

Fund Mao.; Korea InvtsL That Co Ltd.

NAV (Woo 714256) IDR VUae US$10UOJ»
Ja taanrS.

The Korea That

OhIm l uwtn M it That Cdjlu.

FKI Bwktes, 1-124 VOO^duna. ScoS, Kona.

NAV J USSL4.95 f ..-4 -

Schrader MngL Swifca (Jersey) Ltd.

wesaatec*

WBMMra isawi. uwmwirg mi. ^ fZZr f™ w,

nssias^^VjiS 11

Barbican Managers (Jersey) Ltd.

P.0. Box 63, Sl Mtliw, Jnuy K3-1 74506

BU. lot Fund 11219 120M -0 e| 2

Barclays Unicorn International
1, Claring Crtffl. &i ttelwr, Jervy. CSV. 77,

LciDM A gms fer

A.UTH tl

A.-n3wijtl[ Ejgs._^,h

Lanrd Brothers ft Co. (Jersey) Ltd. cehMitov unit

PA Bo* KM St Hrter, Jersey. C.I. 059437362 SSsSSTpES

ISKttBtJBftdBAn

S7E2SC -
re 737

finror Ir.L rOJT^. — UaP« 80S

Z- 00 £w, Pii FI J U6ii6 b+

fae : Stria HU 2 » 4 44

Un^Xlk Tnw l£U125 li4i| 1 *?LU G!T. cwd F«K>r_rj'_|"*U^0 49«

UaLuiJTrua luifiWia 1USJ 6.7.LaUrrO. HKlile

I.Uwtuj St. PaNUi, Ijf a.Unv £W4ce** C.T. Oir ■ Srrfq.i F3. .f£I4 fe 35

iWar i MtA. tjtZ?.. W b 77 T) I 1.^1 Gj.liK2a.f4 1^677

Do. Aua. Mm. Itrto 7uil . t 170 G 1 . lioaiSiah ra.,.1 USSA.97

Do Crir. Kiiafii Ml) 5 14) 4 -0« _ 61. ircnri«iM F4...I ISCT^tb

Do. AaSL Min. WiO

Ito Crir. PjohC. ..... M3 5

Du liol. IncunK Jl.l

Do. r*f m ManTx...

Do. NUiu Mutual |S4 0

Do. Mon. Mutual |S4 0 -<i4

Bhhopsgate Commwfily Stir. Ltd.

34) 3 -0 4 — tT, F±:.

.V4l +1.U Ofto G.T. P::il>cra

41! y . . Ill -o G.T.Aje»GftumFA.

^^7.05

LL^U-OO

Gartmore Invest Ltd. Ldh. Agfs.

2 5L Mary Axe. LorJoq EC3. 61-2B33531

Lloyds Bk. (C.I.) U/T Ugrv

P.O. B« 195, St. Heftier. Jersey. 0534Z7561
Lt¥fcTn.0VM„_K.4 9Lfl....»J 120

LWT-^Sffl^S “TJSE&I 1135

Ned MNiq) Jan t.

Lloyds Bank i n tera a Mo na l. Geneva

P.0. Ban 438. 1222 feme 12 GattxrtuD

.IS

Lloyds Bank Intentatiorai, Brainy

PC. Bat 136, Guernsey, Demel Isianc.

Afc ^ F « , srW u ^rk-- J “

Schroder Un« Trust Vgrs. UA JLW-

BokZ73rSt, peter PnrLGuefiB*y. 048128050

Mterfe ffil:-

= «

ScfcftXbr LHV

P.0. Bu. 42. Ooqla. I o M. 0>;i-2Hll Ga+snte Funj tbiam IC.L) »»* (a) fh\ u jl R nn.

4l7MWr*J5n4.>_.l$5.WI 56471 ... I - SlhSSwjSs® U 4J«1 1S1_ M ft G Gran

SSSffi&?£sy”ElS iM ■ 157

SSS5!?.„;rpWS“.

In, -JO Jl K-ur -ilu ju "3- Hell 01. Ft*. L A^ValSi

Bridge Management Ltd. U T ^

Gl-u £--- 5S0 HK3 Kctig W+nsFiSA

N^F?'jiTfc:WS^W-0 J Ul Mauen (IDBQ |» “g™.

Britannia IntL (nveshroni KngnL Ltd. ? 0. B» 22 Busto fejeri Man Td. 0624 awu gKSiSa^Se

tajsr* ^ aKaiaa «a=(tii

M ft G Group

Three ttuys. Tower HIIIEC3R 680. 01-62645BB
AUmtjc Ex. Jan. 5 _ [USSp 31 6 Ml ... J —

A.- ^

'SSuTTiiinBjllLIZ 262.4 Zftul -23 443

U Si. UJW (ksunbilitl Fu.'UU:

iiiuilef Ct*. Fi.l'U -Si Il. 761 .. ,.| _ Msraurnramn ^pju

Coutiiwv lutfl UUsl-C^ri — P.0 BCJ 132. SL Pe-.sr Port. Guernsey, C.f.

iiinffM--]! (V^uiFuo .wJ'at luvy ..} — Sierilns rAmnedFd ji'i 1?.71 117.411 I

Owiar luCDnx- ru. t»J./o9 OiJiiij ... J 143) itmUU Unga. Fti3.^..(u!£ari IlO.uil .....4 —

Aj^cwiftweTuteflu 11 Mi?* 1 3341 ... 7.40 8®wflfc Managerrmit Limited

AuwiJluq Fed. Ffl... 111x5 )i,.H .. — P.C. Bar 73. St Hri>er, Jersey. 0S94 73133

J,jr EjitrunJ .._ llJlL, jaSii! ... ICO Gracnlle hw. TO. -_.|£6t0 693xd .._;.( 4.69

„ , 71)^, , . - Next oeaing OHj Jan S

Jer.iy Vjib ^ -it la 20.1 21 tit 150

' rt ' 1 V Salittttss Mahen Fd. Mgre. (Guomey)
li'hiF^ 1 ^— S) 3.7 "6.7I ir 0 PO Ecx JoSi SL Peter Part. Guernsey. 0181 2350b.

Umagement Intel n a tion# ltd.

Be. of Gerowu St^k, BannKta. 8£»29M0Qa
BtD. InU. Bd. rd CapJ uajzp 1+0071 -
BjSL InU. Bd. ft. iH ^m=5 |+0 jW 1200
faces at 0ec3L Wf»at*J*n J-bTu.

im-ihv Cw Fd. .|$1 :'£rl Il.761 .. ..I —

ItiimV luta' 1 ! bae-- -CisCi —

arlnCnmfcFJ._„B5.Ki9 0.£2iit ... 4 1420

Assfturscdcni GEHERAU S.pJL
P.0 teoi 132. SL Pe-.sr Port. Guernsey, C.l.

Sieriins Vanned Fd ii'iU73 117^d 1 ^

ilmHrl.1i>9a. rti3.^..iuaLdU 2i0.ijj| .....J —

Mdbori BUk Tit Carp. (Jersey) Ltd.

28-54. Hid St, EL Nefier, Jersey: 0534 van

740 ftawate Abnsgemnit Limited __ ra .

_ P.C. &» 73. Et Hriier, Jeisey. 0S3473933 A ^“

ICO Grecnlle Ice. TsL tfc.40 t93rf | 469 U40W Bread Sl, EC 2-

- B tod OKing U2J- Jan. E

^ M Galiurass Mahen Fd. Mgre. (Guernsey)

-67 ^ P«er Pal. Guemwy. 0«1 2350t

°' /l - lid. Fuat -SaL32 2L17I _:.J 10.44

hues at Dec. £4. Ned dedtiig Jan. 7..

SS^'&Sy.Wuc 1243-0 q I2?i hteiVAradrareff
c » p,Lji u, O Tn«' ' III; )3 .. I 023 Kuntaii Pacific Fund Marat. Ltd.

Brown Shipley TsL Co. (Jersey) Ltd.

P 0. Bn ;<vi St. Helier. Je«y. \XCA 74777

|-**1 &TO Scrimgeow Kcmp-Gn MngndL, Jorogr
I . — | B4U L Charing Cross SL Kdier, Jersey. 0534 73741.

tSSSanip*, Ta

lands. GiHBota 1U07J. 112B ..—-J —

k _ J “ Sentry Assurance Intemtioml Ltd.

PU Bat 2776, Hmflun 5. Berman.

Htragerf Fieri |05fU2iB iMStf — 1 —

0142645GB

Signal Lite Assurance Co. Ltd.

-009 — 2C Secretary’s Lanr, Gferaltar 010 3 50 7 3 037

g-p CftMtii Strategies FiL.|£217 217] ....J -

Stager & Frfedander Ue. Agents.

^ 2Q.CjrmtBiSL.EC4 01-8489646

WSsarJW =J IS

l+owi - Strategic Metal Trust Mngn. Ltd.

|+0ur4 1201 3 Hill Street, Dougba. IQM 062423914

• taL& Strategy MeiriTr-JU5RI.Wi 0.9701 ....J -

sey) Ltd. sbeoahald Manstouaent limited

05M»att ?Tto3S^HSS^».^K34.rt460
^ Connodiiy Trust 113621 10381 .„..J —

Surimest (Jersey) Ltd.

4, HHI Sl, Douatas, Me of Man 062423914
□1-5886464 CqnerTmsi 10228 12.93I-02H -

1 — -■ 220 fSB Trust Fluids (C.L)

I 10 Vftari St, Sl tiefier, Jeney (CU. 053473494

— T^fi uilf Fund Ltd.._fP).0 K.flbri J IMS

165 TS8GUiFd.1Jsif.1ua. Ip.o S|K

— T^8&jaw5+ttnd^B73 ,™j EH

l_- faces on Jan. 6 Ned sub. dry Jw 13.

tic rum MgnK. up. ■jg Mri i, ru. |W n— cm i~. faces on jan. o. Mem seo. nq

053 ? ZW1 Pacific Holdtags H.V.

.^iT fiwi.iaij ]iig p h.7 StsSl V__rJ ■ — ' WJRESOee.31 .tlEyJU. U1J3( — 1 — (minds Management Co. MV- Cun

SUg.Bd.Fd. till IW.3) ISM “W 5 - fC-U Ltd.

Siertaiq Cap. FtU.ui ..(Cl3 b5 l5j3|rtu.1 — PJO. terc&o. Qaanay. I

Butterfield Marogonent Ca. Ltd.

P.0. Box 145, Kjfuiiion, Bemuria.

Bmiress EfKbty |UiM£! 6 Ul J ttW

UUONU JiA 234] ...J 10.97

Prices a. (Vc 7 1 «e<t sub. Jjo 4.

CAL Investments (loM) Ltd.

16, SL Georhri Sl, ftuwUv I0M. _ 063425031

DU. Ditty uCni/.'^lTl25 J.1N J —

CAL McUls “ .—-..-I
Nert drfKing i

® m z\z

■Jan 1A "Jan 12-

Capdhrex SA

PO. Bar 172 1211 Geneva 1

Fonsete* I&D1K

Bomterler - |hrW»40

Spec'll Find Ii7.3 Sl>

Sierlvg Incut- Fuad '.p7J lulfi +113

TlJOL NIL TriEl 5U.492 LMS rfliBl

litm/.iand. 9?(Hii

liU. E^uiiy ill a 17.10

InL 'Sii5_ JUS 131 136

lot. Cwi S' UJ4 2A3} ’

Puds on Jaa D. Hnt dealing Jm. 14
lududes initial dorse on noil ante*.

Kandersen Attain. (Guernsey) Ltd.

. Murray, Johnstone (hw. Adviser)

nynjtttte 16A Hope St, Glasgow; C2 041-2215521
3j 03 H»teS^O«£ki MA I40M -

Nat Wtestmtastra Jeney FtL Mgrs. Ltd.

23/2S Broad St, Sl Heller, Jersey. 053470041

IraenaUmsU flood* -E lS J3-M - 4 MJ9

■5dj. (&y «ny fim.

Keglt SA

7 HewSt.SL Peter Port, Guernsey 04012654112 j"g"“ ,l, 9

0104122466288 American 1 US ceris).]U9l5 13&3|

lluj+oail ~ *°. fleadersDn Baring Group
. , £01, Gkxcesur, U, Pedier, Hong Kong

-™- Awarotia* . r liKWm loiai

Capital Asset Managers Ltd. USsS' M J

BSSS^ *■ JuR “ ^ SL *8StiSka W§ H

The Currency Trust -BOLO M7.0(-20( (1.91

Capital International Fund SA te^ Fil *bee 3L^lusaiUMlftl9uj

43 Boulevard filial, Luxeirtuurg PO fiat 71. 7 Pen St, Peter fat, Caerowy

Capital Ibl Fred I USS26.76 | - Gilt Fcut — , — 8791-.”

_ . . . ‘Inctusne ofPrrfunliary charge. tVWeLy it

Centra) Assets Managenent ltd. _ ,

Channel Use., St Heller. Jersey. 053+73673 HM-Sannel ft Co. (Geemwy)' Ltd.
Central Assets- .^..1120735 207JM(fOJ3 — 8 LeFebwe St, Sl Peter Port, Guernsey,

NAV Non. 27 {U9M33 — | i —

(LEX. InfMtl— » Ltd.

PA Bis 119, SL Peter fart, Guermey, Cl.

|^p Vix^ i^xin~ p|.l —

(Ira. Fi«ed /rtter#jt_foHA 74 3 .«... —

I otti. Managed p£4 633 — —

Radfic Barin Fnnrf

(Minis Management Co. N.V, Curacao.

NAV per share Jan. + US$9537.

Tokyo Pacific Mdgs. (Ssborad) M.V.

lukras Management Co. N.V., Curacao.

NAV per share Jan+ US»7Jfi.

Tyndall Gntp
2Ntw5+,SMMv,

TOf SL Dec. 31
tAicuni- shares) _

AmsfionOec.il

lAccunt-diaresi

Far Eastern Dec. 31

CAccum. shares).-

Jersey fit Jjl 6

(NMvJ.Acc.Uts.)— IZ316 »g.U-3« —

'MW

0634373318

a.». 4

GU I 10e BoderiM Royttl. Unembourg.

•IncktiMe of Pretunliary dorge. tiMtekly ikoengs. NAV - _^- ^ _ f J40 J71 ^~.

Uanaged Dec. 17.

n!2KS«aaS:i3r

Property Dt«. 27.

Utma9erlnd. Dec. J7.
fcifMty IntL Dec. 17—
Fwalnuil. Dec. 17
Comdty. IntL Dec. 17 (USMJK
Pacific iM.tee-17-.iiSL«B

Ch ar ter bou se Japhet
1 Patemouer Raw, EC4

'v£U3| — 8 LeFebvre Sl, Sl Peter Port, Guernsey, C.I.

Guernsey Tit R«3 234.91 -Oj/ 138

0174B2999- HtB Ssmiisl Investment MgmL IntnL

ChjretOo Convrx?ifl(jes (?sfe a? 6»iti; Ltd.

29. Alhrt Street, Douqbs. I aM. 0624 21724 *£»?■,,

NamandylKn al Tina. 11.3459 141671-«ul5CJ 400 cVe'juSf,

' Phnertx Interaallanal
POBax 77, SL ftoerPflrt Arera.

InterboHjir Fund I USB 07 ,3

Far East Fund-,™ (ECfO 5
JnlL CyimvsCf Fijrt lllstl y* 2
Doflar FjoL lee. Fi*xLrUSEul 2

048196742

053476009 Jril &OTKicyFiyri_|u£t
I x cn Doflar Fud. lee, FiuLhtsC
sa Star. Exempt EUt FA 1 0-4

Ilf FtL lAcc.)

Telex 33425 PTOvUtenn Capitol Ute Ass. (C.I.)

-045] - PO Bov 121, St praer Part, Guernsey 0481 2672619

S = a 'isn=ii!. b=j =

STS ^SL B p^p2t l Gi m « lC ~ Trast “waaeR Ltd.

hero mL 1 ™' ^ i 81 tf0, v KSl ’ u>M

Intm. Man Fd 12274) 247.31 -1 - lB.ComniqdlWsTa.IW l ]

Cortexa International (*sa outing thy ia

10*. BtMewrd Royal, Luxeireonra. " igp M aaa _ gB «_<

Cortata Inird. / USS94.90 J . —

Craqjraount rued InL Mngrs. (Jeney) taKmLCdWFuuU-
P.O. Box 195k St. Keller. Jersey. 0534 27561 MU ■ . . ■

Me! =

M 062425015
10541 -...J -
Jaa 6.

IGF M aaa Bemeat Services Inc.,.

e,U Rests irort. P.A BDx 1044, Ctymta Is. BWI-
lixwi. Cold Fred — |IE«067 84.701 ... J -

OWS Deutsche Ges. F. Werfpapfarep
GnmeUurawev 113, 6000 FrarAfiet
hweM 1 DM21.46 30.901-0051 -

PO. Box 526. Deta, rutted 31-45, Gr*

EsmwaWalOtlerPce) |DF| 7UD — 1-0264 254 Rnsc.Fd.li

littaiiatlaiiSd Bond Trust ■

Guest Ftnl Man. (Jeney) Ltd.

P.O Box 194, SL Hefler, Jersey. 053427441.

Prices'* tecember 30. Next d&ViiS JAiray^L*

(taOter/Netaold Catrenrafities

31-45, Grestun Street, EC2V7LH. 01+004177

estun Street, EC2V7LH. 01+00417
lnLJre4_tfDe2W •1UU -_.J -
* aerikig race Ftbvaiy L rimran.

2, Bflulewarri Royal, Luundioum
MVJm.i tUSftm 206A+UBI —

Delta Group NAY Jan. 6 umoiS MUMum -

P.O. Box 3012. Nassau, Bahamas International Pacific lav. MpnL Ltd.

OeM. ln». Dec. 29 lUSSTbE 3,661 . - I - PJ). Bex R237, 5b, PW Sl, Sjxtoer, Auu.

London Agents; KlrnnurT Benson. Id; 01-623 8000 Javelin Equity TsL „IAS3.74 354s| ..-4 625

Detdscher Investment-Trust Investment Advisors, Inc.

Postlach 2685 Bietaef^asu.- b-10 6000 Frmkftirl Rra Internaiiaial Plaja, Hduttoi Texas.

sss

i— « Sterreera Item* OaAe Td; 01-

RBC Investment !

P0ftea^a.PWer^

Limited

ey.0481-230ZL

2, Throgmirton Are, lowtav 01-6386X11

a tMreinwisLFwri.-.RneSy ssjof-AST—

Unjga-lmra s tiiient-Ge s efcd a ft mUI

16767, D

9 VBnfanmh Fund MogmL IntL Ltd.

2B34 Hut SL, Sl Helier, Jersey 0534362SL
Vanbrugh Currency FHJ1072 107 J] .„.J 9.73

■ _van GuSsem & Associates Ltd.

42. Essex Street. UuriavWC2 014536845

PSKtAmer. OS. W.| (JSS653 J .._J —

5. G. Hbrtwrg ft Co. Ud .

, 30, Gresham Street, EC2. 01+004555

m&E ad =

Wnriung Invest. MngL Jny. Ltd

• 7Ubrary Place, Sl Hefler, Jsy. Cl 053437217

sss>.&?tfe 5 36«s m

MeM TsL Dot 17 _.Uli30 —

. SETra&fcra IS

Raminco Umgers Lid

SS.^T'Sr 1 aSSSSS'TXr:

Mnc.TrW.Jan4— .(Q4JS

Wardtey Investment Services Ltd,
4Ui Fleer. Hutchbon House, Hong Mans

tS:d

Dreyfus [ntercontinetlLJ lav. Fd . — ^

P.O. BOX N3712, M3&OU. Bahan&s. liRhrfa Investneet Manapenwdt

WAV Dec 29— IUSC9Z7 31 W| J 3 Ctarmg CMsr, SL Helier, Jersey. OS3473741.

Duncan Laurie Inv. KgL (Jersey) lilt hwsu? lIB

VtetoryHouse, Sl Peter Pen, Uiwnuey. *t-d reaflng J*. Sl.

DL Sterling M2A MS _..J T.ffl Janfine Fleiiiiii5.ft Co. Ud

DLlnwnsKioiul ...... bL18 isj — r 46Ui Rocr, Comaugtt Centre, Ha

Emson ft Dudley TsL MgL Jray. Ltd ‘ fto iSJrJrilfraSI -
PJL Box 73b SuHeUer, Jersey. 053473933 J F. Japan Small Co.., ilM4 _

EJJ.I.C.T. (132A 144JI — 4 - V ®94L39

The English Association Pa>A«uw.). S'ZJ. wjwHM

4 Fore Street EC2. ^ 015887081 jm| ~

Eurobond Hohfings N.V. BSSs “

PUnermaxi 15. wmerosud. Cuouao. . * SpmiSdiZciiTji ®12ra —

g e lun w wf Lite An. Ltd
4 HU1 Sire*. DcuglH, I.O.M.
liver Tmu — .,067,0

EJJ.I.C.T. n32JJ 144JI 4 -

The EJigOsh Association

4 Free Street VS- 01-5887

Eurobond Hofafings N.V.

Pietenraxi 15, Wineinsud, Curacao. . *

London Agents.- Intel 1/3 Wbrshn) St , Larin
TrtiOlSa bOlL Tel er: 831440a
EreoHrigs- .IlSjadT ZLSj -. . I

Lorire EC2 Australia

retj.

PixIitOwW

jTsl

PeironianOU Tn&L_

8SIE£S

RMhsshUd Asset Manwgwwnt (C.L)
P-OlBox 50, st JuRbib CL, Guernsey. 04S12633Z
«-T— US?46 261x4 ,.„J 031

World Wide Growth Management*

10d( Bovtmatf RayK, Luxenriourg
062423914 Worldwide Gtti Fd US$13.78 l-afljf —

5 1754 *0fl| — tax. Ate.: M. & G. In.. TSgu lkL, Lorire.

a='®f s^cSsraMsr"*^

^S:dt 8

l.g ....... 1U9 ppeoous Metal Fund. 1473 M3 —

12ja ...... — VregutidCnriy- Ft - 463 47.9 ... W1 —

129 — — FinwKur Forms Fd. . IU7.7 2123 —

Wren InlL F«l * ....... — US$11 —

meat (C.L) '‘ok* <%r per“ ckring Jan 26.

ves UritM . „ .

930 Union Agents: Rota. Fkmg 6 Co. TH: 01-283 2400

D-Mrik f «S» UStertiiw 17.092

Putth&,JkJ«-_.) l|SHl5 SwhspJots 43.455

Frencti Francs.-L JZSU 24.680

♦ faces an Dk 3L Bh Dec 14.

_1faer on Jan. 7. Next dfcUing Dec. 14

“Otfr deaflngs. *"Jan li ttOeatmas every
Wednesdri-

NOTES

Prices are hi pence unless otherwise Indicated,
yields % (shown (n last coAmn) allow for all buying
expenses, a Offered prices tadode efl expenses,
b Tariirt prices, c Yield based on offer price,
d Estmud s Todays opening price,
b Detrfburion free of UK taw. p Periodic
-premtaan insurance plans, s Single prariurn
Insurance, n Offend price includes afl expens e s
except agent's canmteslon. y Offered mice tndudes
a* expenses i oourin through nanagenLE Previous

T^nS i ss , jn&ssssst

» <My available to darltable bodies.

V"VVi'

•’ .: : .-Vi i ‘ 'WhrrfTTf.'", • c.r r>-

S' tjieb

—w Insatiable

i his-newStibange can handle 70,000 futui'es trades
>• Qviyf biHir- and confirm each one in seconds. "
..m Thafs insatiable .

No, thals INTF.X. .

liiadiiig
^ . .begins
^ .. Juno 17. 1082

Companies and Markets

NEW YORK

Jan, 1 Jan.
5 '! 4

ACF Industries

AMF !

AM inti

ARA !

AVX Carp „...!

Abbott Lab* |

Acmtf Clove I

Adobe Oil & Gas.;
Advanced Micro..
Aetna Life & Gas
Ahmanson (H.F.lj
Air Prod & Chem,

Akzona

Albany int J

Alberto-Culv,..,... 1

Albertson’s

Alcan Aluminium
Also Standard ....
Alexander A

Alegheny inti i

Allied Corp —I

Allied Stem. i

Allis-CItalmers,...'
Alpha Portd ™|

Columbia Gas...
Columbia Piet...
Combined lot-.-
Combustn. Eng..
Cm with. Edison.
Gomm^atelite..

. 32 Je :

.! 4ssr ; 44tg

23 U I S3U

J 36 ia

. 20 1 n 20 U
„ 61* ; 627 8

Comp Science.... 1

Gone Mill*

Conn G«n. Inn...

Con re c - —

Cons Edison

Cons Foods ......

Cons Freight.....'
Cons Nat Gas.....

Cons Nat Gas......

Consumer Power,
Cont Air lines...
Conti Corp...— 4
Conti Group* — r

Cont. lllionis ]

Conti Telep

Control Oats..-.!

127* : 131a

30 I 3Q'«

4S'« i 491a
26 3?If
32 ; 326 b

31 'a 316s
393* 40lg
60 ’s S05a
17 »« ; 171 b

4H i 4la
26 lq ■ 263*'

32 J « ' 33 1r

33*4 ; 341 S
16 $8 17

347a i 36 1 *

Alcoa.-........— — I

Amal. Sugar— .J

A max - -•

Amerada Hess...<

Am. Airlines

Am. Brands

Am. Sraadcast’g,

Am. Can

Am. CSyanamid
Am. Elect. Powr.;
Am. Express....-;
Am. Gen. Insneo.
Am. Holst A Dk...i
Am. Home Prod..-
Am. Hosp.Supw;
Am. Medical Inti.

Am. Motors —I

Am. Nat. Resets.

Am.Petflna.

Am. Quasar Pet-!

Cooper bids.

Coo re Adolph -...>
Copperweld

Corning Glass

Corroon Black....;
Cox Broadcast's-

Crane —

Croaker Nat .......

Crown Cork.

Crown Zell -

Cummins Eng. ...
Curtlss-Wrlght....

Damon

□ana.

Dart A Kraft

Data Gen ..._

Dayton- Hudson...

Deere -

Delta Air

Denny's. —

Am. Standard ..

Am. Stores

Am Tel. A Tel...
Ametek Inc- —

Arnfac —

AMP. — —

Amstar

Amstead Inds..
Anchor Hoc kg..
Antieuser-Bh ...

Areata.

Archer Daniels..
Armco

Armstrong CK...
Asamera OH

Asamera OH

Aaarco

Ashland Oil

Aud O Goods

Atlantic Rich-.
Auto -Data Prg—

Avco.

Avery Inti-

Dentsply Inti

Detroit Edison — 1

Diamond inti

Diamond Shank..

DIGIorgio —

Digital Equip

Dillingham '

Dillon

Disney iWalti

Dome Mines. ;

Donnelly (RR)

Dover Corp

Dow Chemical....

Dow Jones—

Dresser

Dr. Pepper

Duke Power. \

Dun A Brad

Du Pont- — -

EG AG

165. | 17
lit* I 113 b
395s j 404
244 I 25ls
Big 9I S
SSI* 866g
12 Tb 134
2t?s 21&«
527 B 534

154 163s

373s 374

3 la* 32 Tg
26'g 26i*

474 466*

314 33 If

12*8 12 4a
2068 207g

62 63

374 38

37 Tg i 381*

Avnet -i

Avon Prods j

Baker Inti !

Balt. Gas A El i

Baneal Trlet i

Bangor Punta. ...|
Bwik America....

Bank 6T N.V i

Bankers TsfcN.Y.

Barry Wright

Bausch A Lomb-j
BaxtTrav Lab....
Beatrice Foods... I
Beckman Instr...

Baker Inds

Ball A Howell 1

Bell Industries -j

Bendix

Beneficial !

454 . 404
30 . 30

364 I 386*
233a ' 231*
27 • 254

184 ! 19'a
204 { 214
43 \ 434

32Ss > 33oa
174 | IB
5068 61Tfl
33 | 344

175* ! 17T B
454 i 457*
8 I 83s
2038 214

154 164

376* 584

194 ! 197*

Enn co ..i

Eastern Airlines.
Eastern Gas A F.
Eastman Kodak.

Eaton

Echlln Mfg

Eckherd Jack ....
Eleotronie Data..
Elect. Memories.

El Paso ■

Emerson Elect...
Emery Air Fgt:.„

Em hart

Engelhard Carp..

Bath Stsel

Big Thee Inds-
Black A Deoka

Block HR

Blue Ball -

Boeing

Boise Cascade

Borden

Borg Warner-

Branlff Inti

Briggs Strain .
Bristol-Myers..

BP —

Brockway Glass.
Brawn Forman l

Brown Grp...—.
Brown A8harp

Brown ASharp..
Browng Farris..
Brunswick .

Enseroh..— — ....'

Envirotach ... J

Esmark.

Ethyl j

Evans Prods.

Ex Cell a !

Exxon i

FMC.

Faberge J

Fedders... I

Federal Co

Federal-Mogul....!
Fed. Nat. Mort. „j
Fed. Paper Brd...;
Fed. Resources....-
Fed. Dap. Stores.!

Fleldcrast Ml ,

Firestone

1st Bank Systami
1st Charter Fin...j

Bucyrvs-Erta J 16a*

Burlington Ind ... 24
Burlington Nrthn 524

Bumdy - 19

Burroughs. i 324

obi inds 416,

CBS | 464

CPC Inti 1 344

CSX I 574

Campbell Red U 146*
Campbell Soup.... 2B

Campbell Tagg ... 21
Canal Randolph..^ 274

Can. Pacific ■ 34 1,

Carlisle Corp..— J 28 4
Carnation.—....] 884
Carp Tech -...J 45

1st Chicago j 194

1st City Bank Tax 334
1st Ini Banc—

1st Interstate—.! 354
1st Mississippi ... 164
1st Nat. Boston...! 45
1st Penn...— ....:..i 34

Fisons 2&s

Fleetwood Ent...j 12

Flexl-Van , 196*

Florida Pwr A L.. 294

Ford Motor 174

Foremost Mok.... 366*
Foster Wheeler - 14 4
Freeport McM.... 226*

Fruahauf...- 184

GAF - 147*

GATX - I 305,

Carter Hawley....
Caterpillar— ...
Celanesa Corp....

Centex

Central A Sw

Central Soya —
Central Tel Util—
Certain-teed —
Cessna Aircraft.
Champ Home Bid

Champ Int.

Champ Sp Plug -

Charter Co -

Chase Man hatt'n

Chemical NY

Cheese Pbnd

Chicago Pneum..

Chrysler.

Chubb

154 15

54 544

554 55>g

244 244

144 144

12 124

326, 23

114 1168

214 2l7g
24 24

194 197g

75, 77 B

81* BSg
534 53T a
63** 64 4

32Sr 337 a
194 > 194
35, ! 36,
45Ss 46

Gan net I

Gel co I

Gen Am Invest...

Gan Cinema

Gen Dynamics _.

Gen Electric

Gen Foods.

Gen Instrument.

Gen Mills

Gen Motors. — —
Gen Portland .....
Gen Pub Utilities

Gen Signal — [

Gan Telep Elec...|

Gen Tire

Geneseo. —.r .

Cincinnati Mil — ! 25 t b

Citicorp. I 244

Cities Service.,... 424

City Invest. 22

Clark Equipment 274
Cleve Gllf fs Iran.! 314

Corox -.1 114

duett Peaby 1 16

CooaJCola-. ...— ..I 344

Colgate Palm. — 16 4
Collins Aikman...! 114
Colt inds. 1 554

Genuine Parts.—

Georgia Pac

Geosource.

Garbos Prod

Getty Oil

Giddlngs Lewis..

Gillette

Global Marine....
Goodrich |BF>.._.
Goodyear Tire...

Gould

Grace

Grainger (WW)....

• 307* | 31 4
. 201 * t 204
, 434 > 434.

: 286, ' 287 S
614 ; 644
. 224 ! 224
; 34 i 34
214 I 23
: 224 224

,1 186* 187*

J 224 223*

I 444 457g

.1 374 374

Indices

NEW YORK

I Jen. j Jan.
' 5 ^

Gt Atl.-Pac. Tea.!
Gt Basins Pat.... I
GtNthn.Nekoosai
Gt. West Financl-

Greyhound —

Grumman ;

Gulf ft Western—.

44 : *
44 4

56 4 367*

144 144

154 i 164
264 ' 274
154 i 166s

Gulf Oil : 334

H&lll FBI- — | 28 *

Halliburton 604

H&mmermiii PPn £f;0

Handleman '

Hanna Mining.....! 304
Har court Brae a— 174
Harnischfeger 11 |a

Harris Bancp } 274

Harris Co rP' 394

Harsco.. — — *j Jf,

Hecla Mining j 11 4

Heinz IKIU ?7J*

Hollar JntL. .M «

Harsules..... 234

Herehey 354

Heublein 334

Hewlett Pkd ! 385*

Hilton Hotels : 37i B

Hitachi • 61*4

Holiday Inns-....' 284

Holly Sugar 45 4

Homestake : 37

Honeywell — r 69 fg

Hoover — -

Hoover Univ- 1 194>

Hormal Geo 18 1 ,

Hospital Corp.....; 344
Household Inti 15
Houston Inds — ' I 84
Houston Nt Gas... 436,
Hudson Bay Mng 204
-Hughes Tool...:... 364
Humana 354

! Husky coin :

L Hutton fEF).--. .7..

1C Inds

INA Corp

IU Int

Ideal Basic Ind...

Ideal Toy

ICIADR

Imp. Corp. Amor

INCO

Ingsrsol Rand —

inland Steel 1

Intel I

Interlake

interNorth .]

IBM 1

Inti. .Flavours !

Inti. -Harvester
Int. Income Prop.

Int Paper, ;...■

Int. Rectifier

int Tel A Tel

Irring Bank - ;

James r FSL-. . — — :

Jeffn-Pllat.

Jewel CoS-

Jim Walter

'Johnson Contr...J
Johnson A Jn

Johnthan Logan..

1 Joy Mnf

! K. Mart— ...-

(Caber Alum I

Kaiser Steel-.;....,

18 Ta I 19 7«
74 ! 74
«4 • 84

39 394

126, 1 126*

29*8 ! 30
.49*8 ;• 514
23. .1.234
243, ! 256,
575* . 577*
20 20
.24 J 244
-354 1 364
114 114

- 35 364

157* [ 16
-16 ■ 16
434 , 444

Kan ob Services-!

Kaufman Brd

Kay Corp

Kellogg :

: Kannametal -....;

Kerr- McGee

KIdde

Kimberiey- Clarkl
King’s Dept St -|
Knight Rdr. Nws.:

Koppers — !

Kroehler j...!

Kroger 1

LTV-.; !

Lanier Bus. Prod'

Lear-Slegler.

Leaaeway.Tr*n».|

Lenox- i.

Levi Strauss .—..J

Levitz Fumtr 1

Libby Owens Fd.|

Lincoln Net — I

Litton Inde ;

Loews

Lone Star Inds ...
Longs Drug Strs.!
Louisiana Land ..I

Louisiana Pac

Lower) stein -

LUbrizol./. —

Lucky Strs-

MiA Com; Inc

MCA

MacMillan .—.—I

347* 354

274 284

334 337*

234 254

644 566,

40 414

56 57

44 46

89 4 891*

274 > 276,
287* 28 4

30 I 285,
194 1B4
264 265,
224 234

13i* 134

234 251*

414 424

16 ; IB 4

Macy

Mfort Hanover... I
Manvi lie Corp.

Mapeo !

Marathon Oil

Marine Mid

Marriott —

Marsh MoLenn.—

I Marshall Field.. _
Martin Mtta..-.-
Maryland Cup —

Masco -

Massey -Fergn—
Mass Multi-Carp.

Mattel -

May Dept Strs....

Maytag —I ■:

McCulloch
McDermott (J HI..

McDonalds—

McDonnell Doug.-
McGraw Edison.'

McGraw-Hill '

McLeanTrukg ....
Mead- !

Media Gaul 1 .

Medtronic

Mellon Natl — ; \

I MeMlIe- j

Me mo rex -

Mercantile Sts— l

Merck - l

Meredith

Merrill Lynch.—l

—DOW JONES

Jan. Deo. . .Deo. Dee. Deo. -
4 ( 31 I 30 | 29 ! 28

1981-82 'Since Gmpil't'n

Low | High | Low

Financial Times Uiursday. January 7_ 1982

MGM ...:. - ._2 ' 8

Metromedia ...... 1™

Milton Bradley.. ; 21
Minnesota MM ... : 844

Missouri Pac 1 BlJ*

Mobil ; 224

Modam Merohg. B 3 «

Mohasco 1 J?4

Monarch MIT «4

Monsanto -!

Moore McCmrkJ 284

Morgan (JP) |||*

Motorola..— “4

Munaingwear.....| 144

Murphy(GC)-..-...i

Murphy Oil 1 304

Nabisco Brands..] 30 4
Naico Chem.. — .1 60

WORLD STOCK MARKETS

Dow 6.8 lower

Deo. I Jon.
6 I 4

Jan. ' Jan.
a : 4

Schlitz Brew J -.!
Sehlumberger — •

SCM

Scott Paper-

Soodder Duo V..

Seacon

Seagram

Sealed Power ....

SearlelGDi

Sears ROObUCK— .

Security Pac 1

Sod co-

Shed OH ;

Shell Trans ...—
Sherwin-Wms. — !

Signal

Signode-.. ...— !

1048- 11
62 545*

224 ; 224
164 ' 164
12 4 124

207g ; 214
574 573,

314 -324
314 32
164 • 16*4
404 406»
33 , 354

424 i 4S5»
294 ! 30
21*8 ! 22
251 3 ! 253s
3.5** | 36

at midsession

Nat pcfndustriesJ 24 ?b

Hao. can 1 204

Nat Detroit ff t b

Nat Dist Cham.
Nat Gypsum ....
Nat Medical Enl

Nat Medical EnH 184
Nat. Semlcductr.l 184
Hat service Ind. 244
Nat standard....! 14S*

Nat SteeL *3*0

Natomas — I ***8

CNNB J 15

ncr.

New England El. 24Ss

UW E , ft I 1 SI,

NY State E AG... 1 154

NY Times.. ; 364

NewmontMinlng 42
Niag. Mohawk— I 12%

NICORInc- 334

Nielsen lAC) A-—; 464
NL industries.....: 374
NLT- I *25s

Sfmpilcity PattJ

Singer j

Skyline — .1

Smith Inti. ,.J

> Smith Kline ;

; Sonesta tntL.—

Sony

South east Bankg>
Sth.CaJ. EdlaofL.
Southern Co.......

Sthn.Ndt Res.—
Sthn.N. Eng. Tel.

Sthn. Pacific

Sth. Railway

Southland J

S W Ban csfi ares-!

Sperry Oorp -I

Spring Wills-

Square D.

nfiun, v.. .—.1

Squibb— —

: Std.Brand* Paint

ID 104
13 134

145« 144

4358 45 4

564 ! 67
105* 103*

174 174

174 174
287* 28**

12 124

- 334

434 436,

394 j 414
924 I 934
304 < 314
294 30

33d8 ' 35
23 234

284 *B7 E
324 326,

254 26

Norfolk A Wastn 1
Nth. Am. Coat — 1
Nth. Am./Phlllps.;
Nthn-State Pwr...
North gate Exp....

Northrop..

Nwaat Airlines... I
N weet Bancorp. .|

Nwaat Inds

Nwestn Mutual...
Nwestd Steel W.

Norton

Norton Simon

Occidental Pet...
Ocean Drill Exp-

Ogden

Ogilvy A Mrth

Ohio Edison

Olih

Omark. —

Oneck .....

Std Oil CllforniaJ
StdOU Indiana..^

Std Dll Ohio.

Stanley Wks. -I

Stauffer Chem...,
Sterling Drug—
Stevens (JP). .— :
Stokety Van K....J
Storage Tech.....

Sun Co

Sunbeam.

Sundrtrand -

Superior Oil —..— 1
Super Val Stra.-.l

Syntax - I

TRW-.;.- !

Taft- i

Tampax — 1

Outboard Marine] 196e
Overseas Shi p-.J IB 4
Owena-Coming- 224
Owens-iinrioi*-... .J 28

PHH Group I 234

PPG Inds -1.374

Pabst Brewing-...! 14^,
Pac. Gas A Electj 204
Pac. Lighting ..— .1 - 27 4
Pac. Lumber...... .1 233*

Pac. Tef ATel

Palm Beach.

Pan Am Air

Pan. Hand Pipe...
Parker. Drilling...

Parker Hanfn

Peabody Inti

Pann Central.....
Penney (JG).— ..
Pennzoil

Tandy -Ml 5 *

Teledyne — 1|7

.Tektronix.—, ' 554

Tenneco-...; 1 324

TesoraPet : 804

Texaco 32S«

Texas Comm. Bk 384
Texas Eastern....' 554
Texas Gas Trn—. ' 34
Texas Instrim'ts- . 784
Texas Oil A Gas... 334
Texas Utilities... 19Sfl

Textron 87a,

Thermo Electro.. 224

: Thomas Betts—.. 58

Tidewater 377g

i Tiger Inti 134

Time Inc.—.;.—... 364
Tmes Mirror..—.. 454-

Peopies Energy.^

Pepifico -

Parkin Elmer. j

Petrie Stores

Petrolane. -

Pfizer- !

Phelps Dodge. 1

Phila. Elect J

Phllbro- !

PhUip Morris —i

Phillips Pet

Plllsbury- .-J

Pioneer Corp -,-.-

Pitney- Bow as '

Pittstoh-.. I

Planning Res'chJ
Piessey -... — J

DnlipnM ' 1

Timken

Tipperary

Tonka! .

Total Pet

Trane I

Transamerloa — |

Transway I

Trans World !

Travelers I

Tr/oentroi 1

65 [ 64 S*

84 ! 254

314 I 32
134 144

254 2G7 8

224 235s

24 ; 24

144 - c 164
4S6 b ' 444
84 | 84

! Tri Gontinantal.
Triton Energy....

Tyler

UAL

UMC India ......

1 UnlleverN.Y

Union Camp— ...
Union Carbide..

Polaroid 1

Potlatch:...- —
Prentice Hall...—
Procter Gamble.

204 204

... 144 16

.. 224 234

... 164 174

J 114 114
...r 60 61 •

,.J 484 4958

J-49M .51

Pub. Serv. E A GJ 184
Pub. 8. Indiana— 1 .20$*

Purax j 244

Pu rotator -I 354

Quaker Oats ! 35

Quanex — ... 19

Questor 84

RCA 184

Raison Purina ... 11 4

Ram ad a Inns. 64

Rank Org. ADR—! 34 .

Raytheon I 354

Reading Bates ...; 234

Redman Inds 1 124

Reeves Bros. 484

Relohhold Chem, -12

Unfroyal
Untd Bn

Reliance Group-
Republic Steal-
Rap 0 (-Texas — —
Reach Cottrell—.

Resort Ir.tl A -

Ravco (DSi..,, .....
Revere Copper...

Revlon..

Rexnord..v:

Reynolds {Rj 1 !

Reynolds Mtis-...

Rite Aid

Roadway EXPS...

Robbins (AH!

Rochester Gas— .
Rockwell Inti—
Rohm A Haas —
Rollins—

Union Oil Cal 347g

Union PaoiDe — 49

Unlroya) 7.

Untd Brands -... 10fs
Utd. Energy Res. 401*
US Fidelity G— — 41
US Gypsum—... 32 s*

US Home 139s

US Inds; 94

USSho 286s

US Surgioal ! 195,

US Tobacco...;....! 4S4

US Trust * 31

Utd. Technolg* .. 424
Utd Telecomms. 21s*

Upjohn 314

VF ! 395*

Varian Atsocs — ■ 29 b*
Vecnltron — - I *14

Rolm

Roper Corp -

Rowan - j

Royal Crown—...;

Royal Dutch

Rubbermaid

Ryan Homes

Ryder System ....
SFN Companies..
SPSTeohnol'gieB

Sabine Corp

Safeco

Safeway Stores..
St. Paul Cot. . ..
SL Regis Paper..

Santa Fe Inds.

Saul Invest...

Saxon Inds

Sohering Plough

Virginia EP — 11 T »
Vulcan Matrls... , 54 4
Walker IHt Res . . 194
Wal-Mart Stores., 414

Warnaco.'. 374

Warner Comma..- 52 4
Warner Lambt 214
Washington Post; 314

Waste Mangt • 33ie

WelsMkts. | 38

Wells Fargo. j 284

W.‘ Point Paopi—i 23
Western Airlines 51*
Wastri.Nth.Amr. 215g
Westinghouae — 254

Westvace 227*

Weyerhaeuser.— j 284

I Wheelabratr F...
Wheeling Pltt»-1

Whirlpool

White Con to ltd..

Whittaker _....

Williams Co

Winn-Dixie Str....|

Winnebago -■

Wise Elec Power

Woolworth 1

Wrigley

Wyly ;

Xerox ;

Yellow Frt Sys— ••

Zapata i

Zenith Radio ;

424 | 434
294 294

24b* . as
2778 ! 873,
33*8 . 334

9 - 94

264 i 27 4
304 , 304

3a* 34

371, | S75«
185» I IS*
355* : 33s*

84 I 8'

39 J* ! 411*
151* j 154
26 277§

1168 | lit*

1 Jan. i Jan. I Jan. j Deo.

; 6 : • 8 1-4 .31

1981-82

High ! Low

•IndUBtr' 1* 866.50 882. 51876. M 873.10 868.25 870.34

M’mo Bnds.| fu) 66.95 B7.BB, 58.68 58.96 67.40

Traneport.. [379.04 379.683M.00 3 78.44 376.61 378.44-

Utflftlu i 108.88 108^5103^2 1M.54. 109.06 IDS .-9 1 1

TradlngVol' I ! 1 I

OOO-t . 47,510 '35,70040,700 42,860' 35JIH. 28,02S

I024.H 1
(Z7j4i
85.78
(15 i1i
447.58

(18i4v

117.51
( 61 1 )

- I
' U

024 J I ! (061.70 41.22
(26«> (1111/75) (2(7/52)
64.89 J — I —

1 M0) 1 ;

536.48 ' 447.58 12.23
(26)9) (15/4) Bl) (5)7)52)
101.28 165.58 HU

(28)9) (20/4/ 80) (35/4/42)

AUSTRALIA • I I

All Ord. (1(1/00) . 686.0 ; 684.3 696.5 I 6B8.fi | 757.8 (8/4) , 546.8 (29/10)

MetaJ A Mines (1/1(80) ' 415.5 i 422.7 • 425.1 1 424.T ! 756J! <7(1)51) 1 404.6 (20)11)

AUSTRIA ! . J I ■ ' . - i

Credit Aktlen (2/1/62) < (cl ' 6SJ2 66.36 57,14: 06.48 (5/1/51) ; 65.84 06/10)

_ I Belgian SE (51/12)83) 88 JB 80.46 58 JM' (o) 08.45 (5/1/92) 89^5 08(6)

•Day's high BB2.61. low 862.83.

1 Dae. 31

Ind. dlv. yield %

Doe. 24. i Dec. 18 Year ago (approx

GERMANY | \ I

FAZ-Aktion (31 (12/SB) . 22 U I 221.56 225,21- (o) ! 245.47 (5/71
CommarzbanWDeolOS) 1 $75.1 S76.B s 8B2.2 : (c) ! 748.0 (3/7)

Ind. dlv. yleMX

Ind. PIE Ratio

Long G«w. Bond yield

HONG KONG ; 1 '

Hang Seng Bank (31/7(64) 1386.72 1388.76/1576^1485.82) 181BJ0 (17/7) ! 1113.77 15M0)

NY. S.E. ALL COMMON

Rum and Falla

iJan. 5 ; Jan. 4 Dee. 32

l !

1981 -83

® 1 4 1

31 ; 30 1

High,

\ low.

69.7271.2071.1170.90

i i L 1

79.14

(0(1)

64.95

(28/0)

Issues Traded.. .;1J 15 1,883 1.999

Rises. 391 1 939 938

Falls 1,203 j 601 606

MONTREAL

Jan. Jan. Dec. Dec. I

Industrials . 525.71' S52J8' 532 552.5T!* 4S9J5 (27/8) 510.21 (25(9)

Combined I 311.B7j 316.05; 516.13; 516.27] 575.28 (15/8) ! 265.87 (26/6)

TORONTO Composite.' 1816.8 ilK6.5 '1,954.2 1.846.4! 2378.8 (10/4) | 1812.48 (25 fit

SWITZERLAND - 1 • J j

Swiss Bank Cpn.(51(12/U) 257.2- ' 268.1 T 256.6 2&S.E0 604.2 (2.-4)' 242.0 (17/11)

Tuesday

NEW YORK ACTIVE STOCKS

CFange

Stocks Closing on
traded price day

Change

Stacks Closing on
traded price day ‘

WORLD 1 ■

Capital InU. I1/1.'7D) • . • _ , 144.5 I 147.2 " 148.5 r 192.0(6/1.-81) ' '156.9 CttfS*

IBM 981,200 57 -14, Phillips Petrim.... 530.300 3 % **1^

Exxon 796.000 Sft - Jj Tenneco 478.100 3Z 1 , -1

Revlon 608.300 30 - ** Mobil 456.800 Z4*. — H

Sears Roebuck... 586.300 16 s , - S Perkin -Elmer ... 427.500 Sh ~ h

Union Oil 558.500 35xd -1», Eastman Kodak 424.500 71V -1%

(**) Sat Jan 2: Japan Dew (c) TSE (c) .

BasS values of air indices ate 100 except Australia All Ordinary and Mata la—
300; NYSE All Common — 50: Standard and Poors — 10s and Toronto — 1,000: the
last named besed" on ' 1S7S. t Excluding' bonds. 4 400 mausinatt. 5400
Industrials plus 40 Utilities. 40 Flnandets and 20 Transports. c Cloaad.
a UcavallaUe.

WORRIES OVER the future
course of U.S. interest rates con-
tinued to undermine Wall Street
in active early dealings yester-
day.

The Dow Jones Industrial
Average, after falling 17 points
on Tuesday, had slipped 6-55
more to 858.45 by 1 pm. The
NYSE All Common Index was 74
cents weaker at S68.98, while fall-
ing issues totalled more than
1,000 against about 300 rises.
Trading volume further expanded
to 37.49m shares , from the pre-
vious day's 1 pm amount of
33.51m.

Michael Metz, of Oppenheimer
and Co., said (Fe reaction to the
rise in the mongy supply and
bearish projections on interest
rates by Salomon Brothers’
economist Henry Kaufman, has
been much greater than
expected. “ It is obvious that the
confidence level is extremely
low."

However, some analysts noted
that many investors, and particu-
larly institutions, have large cash
positions after the heavy tax-loss
selling of December. This
liquidity may prevent the market
from failing much further before
buying pressure emerges.

Oil stocks have been among
the hardest hit in the decline,
reflecting redactions in earnings
estimates by several industry
analysts.

Volume leader Union Oil
California shed l to S34J,
Amerada Hess J to S22}, Standard
Oil Indiana 1 to $481, Pennzoil
to $441,

Oil Equipment and Services
companies were also weak.
Parker Drilling retreated li to
$17*. Sehlumberger } to S513,
Smith International 2| to $4lj.
Western of North America li to
$20 and NL Industries' J to S36}.

Declining issues in the Blue.
Chips included IBM. i off’ at'
S56J, International Paper, 4 at
SSRJ. Eastman Kodak, | at S70$t
U.S. Steel. { at $2», and Merck,
1? at $82}.

THE AMERICAN SE Market
Value Index further weakened
bv 4.2S to 310.31 it 1 Pm-
Volume 3J2m shares (2.6Sm).

Canada

Markets in Canada also con-
tinued to retreat over a wide
front in a moderate business
yesterday morning. The Toronto
Composite Index was down a
further 13.2 at L897.6 at mid-day,
with falls outpacing gamson the
Exchange by 245 to 80. The Oil
and Gas index dipped 77.1 to
3.539.4, Metals and Minerals 1S.5
to 1,793.4 and Golds 9.7 to 2,934-2.

‘•Technically the market does
look, weak, but we don’t believe
we’re in for a major decline,
David McLeish, with Walwyn
Stodgell Cochran Murray, said-
He predicts the Composite index
will hover around the 1,800 to
2J.00 level until the second-
quarter when it will begin
moving upwards.

Nippon Steel Y2 to Y173. Canon
Y1S to Y907 and TDK Electronic
Y120 to Y3.470.

Housing and Construction com-
panies were also sold, reflecting
continued slow housing starts in
November. Hasegawa .Komuten
lost Y14 to Y636 and SeHsai
Prefob Y16 to Y765.

In contrast, Kyoto Ceramic
climbed Y190 more to Y4J40,

while among Pharmaceuticals,
Fadisawa added Y60 at Yl,450,
Jionogi Y45 at Y884. Green Cross
Y40 at Y2^00 and Taisho YI9 at
Y625. - •

Optical Fibres. Machine Tools
and Robot Manufacturers were
mixed.

index lost 16.1 at 678.0, while
the Metals and Minerals sector
index shed 7.4’ to 415.3. _■

Overall market leader BHP
•was at the forefront of-the slide
with a 35 cents fall to AS10.1Q,
while CSR, another resources-
related issue* dipped 12 cento to
A S3^S.

Among Oil and Gas shares,
Santos shed 20 cents to AS&80,
Yamgas 20 cents to ASLL20,
WoodsI de 7 cents to A8U8,
Hartogen 20 cento to Age.70 and
Oaremont S cents to. AJI.42.
Alliance Oil, however, improved
5 cents to A&L.80.

-in

l til

*

I

Paris

Germany

Tokyo

Closing prices for North
America were not available
for this edition.

YTtth sentiment further
dampened by the overnight sharp
setback on Wall Street, the Tokyo
market declined in another
moderate business, despite news
on Tuesday of a record fall in
the outstanding balance of
margin baying on Japanese stock
exchanges.

Some Blue Chips were par-
ticularly depressed, but the
Pharmaceuticals sector and manu-
facturers of new ceramic pro-
ducts recorded fresh advances.

The Nikkei-Dow Jones Average
receded 21.74 to 7,697.60 and the
Tokyo SE index lost 2.1S at
569.46. Declining issues outscored
rises by 388 to 224 on the First
Market’ following volume of 280m
shares (240m).

Light Electricals. Precision
Instruments. Motors. Steels. Ship-
builders. Heavy Electrical
Machines and some other
Populars lost ground on sporadic
selling.

Fuji Photo retreated Y50 to
Y1.220. Toray Y7 to Y452, Sony
Y80 to Y3.820. Honda Motor Y22
to Y790. Hitachi Y13 to Y670,
Kawasaki Heavy Y5 to Y230,

Leading shares closed mixed
after a quiet session, during
which prices first picked up from
opening lows but tended to fall
back in later trading as buing
interest waned. Broke r n oted

that foreign investors appeared
to-be behind some selected rises.

Steels were among shares mov-
ing higher, with market sources
commenting that higher steel
prices and increasing prospects
for a reorganisation, of to?
German industry aimed at profit-
ability were behind the uptoro.
Kloeckner Werke rose DM 4.70
to DM 5S.30, Krupp DM 3.50 to
Dtf 53.00, Thyssen 90 pfennigs to
DM 73.20 and Hoesch 50 pfennigs
to DM 20.00.

Public Authority Bonds were
a litlie easier for choice in light
trading. The Bunde&ank bought
DM 14.9m of stock after
purchases of DM 51.1m on
Tuesday.

Bourse prices, after Tuesday’s
good rally, closed on a - meted
note following very quiet trading,
with sentiment restrained by the
overnight fall on Wall Street
However, isolated strong spots
included ESN Gervais Danone*
up FFr 36 at FFr 1.210, MIcheDn,
PTr 38 firmer at FFr 668, and
Peugeot which rose FFr 1L5 to
FFr184.

Hong Kong

Australia

Stocks mainly retreated in
the wake of the Wall Street
fall overnight Selling -pressure
persisted throughout the day
and the Australian All. Ordi-
naries index finished SJ. down
at 5S6.S. but actual turnover was
low.

The Oils group, which had
attracted some buying interest
over the past two days, was zio .
exception to the weak trend
yesterday. The Oil and Gax

The regular Wednesday, half-
day session left the market little
changed after an early decline,
partly "due to the overnight
depression on Wall Street; was
recouped ‘ by . subsequent light
bargain hunting.

However, brokers said the
market is suffering from neglect
and conld possibly remain this
way until after the Chinese New
Year -holiday at '.the raid of
January. They added- that some
uncertainty about the depth of
the U.S. recession and the .direc-
tion of interest rates was holding
investors back from investing
funds in stocks. -

The Hang Seng index was a
slight 1-06 off on balance at
1,385.72 - Trading was again very
thin, with turnover totalling only
HK$119.48m in the short jsesson,
against HK$133.85m for the fall
trading day on Tuesday.

Utilities continued " to attract
some support, China Light gam-
ing 29 cents to HKS13. 40 an d HK
Telephone 10 cents to HK529.60.

CANADA

BELGIUM (continued)

HOLLAND

AUSTRALIA

Jan. I Jan.
5 I 4

A MCA Inti

AbltJbL.

Agnico Eagle

Alcan Alumin

Algoma steel —

Asbestos :.....

Bk. Montreal. i

Bk. Nova Scotia, i
Basic Rasourceal

23 23)*
20 20 U

6)j 8>s

26?a 271*

43 *< 45 .

10 • 19 J*

237* 24>«

271* 275*

4.50 4.60

Patroflna.. 4,530j

Royals Beige ' 4,650]

Soe. Gan. Banq...i 2.200 <
Soc. Gen. Beige...! 1,088(

Price) 4- or

lint ll

JAPAN {continued)

( Price

i- . - Jan. 6 Yen

Soflna 3,165,

Solvay- 2,0701

Tractor Elect.—. 2,365'

UC8- 1,440

Union Mlniare....- 698.
Vlellla Mont. 1.340

Ball Canada.

Bow Valley

BP Canada;.:......

Brascan A.

Brlnco

B.C. Forest

CIL Inc. ...... .......

CadlilaeFalrviaM
Cam no Minas —
Can Camant—

DENMARK

Price 4- or
5 -

Can NW Lands... 344

Can Packers 334

CanTruseo 29

Can Imp Bank.... BBS*
Can Paoinc..._... L 40s*
Can P. Ent... 177*
Gan Tire . — .......X 33

Chieftain 224

Cominco- 544

Cons Bathst A. ... 184
Cont Bk. Canada Bl*
CoBtaln— 94

Daon Devaj — 5.12

Denison Mines .

Andetabanken—
BaltIcaSkand.—.
CopHandelsbank
D. Sukkerfab._-f

Danske Bank

gnat Asiatic^—...;
Foranda Barygg.
Forenada Damp.

GNTHtdg

Jyaka Bank...;

Nord Kabal

Novo Ind

Papfrtabrlkker...
Prlvatbanken— ..
P ravins ban ken-..

Smidth iFl.i

S. Barandsan

Superfos ............

129
356
137

331.4
137
129.0
535 ;
386.4!

! 965 |
! 185 I
5 155 !
4,445 I

! 91 I

’ 137.4 1

130 1
1 247 !
. 467

139.4

ACF Holding

Ahold

AKZO

ABN

AMEV

AMRO

8 rad arc Cart.

Boss Kalla —

Buhrtnann-Tat —

Cal and HWga

ElsoviarNDU

Ennla —

Euro CammTtt..
Gist. Brocades—

Haineken

Hoogovens

Hunter Douglas..
Int-Muller.— .

KLM

Naarde's

Nat Nad cart.

Ned Grad. Bank—
Ned Mid Bank.-.

Ned Uoyd -

Oca Grinten. ...... .

Ommaren (Van).,
Pakhoad !

~ : — ANZ Group 5.66

, Ac row Aust. 1.40

- 0 - 1 Ampol Pet. 1.73

— V ~ Assoc. Pulp Pap. 1^0

1 AucHmao 0.12

■“nX’ AubL Cons. ind... 1.76
o’ 4 Aust Guarant...., 2.52
7“ _ Auat.Nat.1nds... 3.15

AubL Paper 2.10

Bank NSW J 3.02

_am Kubota -341

Kumgaal 390

Kyoto Ceramic... 14,140
7oj6 Lion — ~ — . — . 400

4 - 0 . 0 ? MaadaConiu. r. 507

Zoj! MaJdta. 874

4 _n no Marubeni 335

MarudaT- 698

lUolifi Marul .... — 890

— Matsushita— —1,180

Dome Mines 177*

Dome Petroleum! 144
Dorn Foundries A 404

Dom Stores 15 j*

Domtar — 214

FaloonNIckel...... 72

Genstar.— ... 234

Gt.- West Ufa. 243

Gulf Canada — . 174
GulfstreamRes... 5.75
Hawk Sid. Can.... 117s

FRANCE

} Prtea + or
Ft*;. 1 -

Phillips. I

Rljn-Schelde

Robeco

Rod am co ;.

Rolinoo jl— —

Rorsiito

Royal Dutch,-

Slayenburg's

Tokyo Pac Hg i

Unilever

Viking Ras. |

Vmf stork

VNU

Voiket-Stavin

West Utr Bank....

-0.5 Bridge Oil 4.45

—0-2 a HP . JlO.10

“2-1 Brunswick Oil— 0.17
4 ?‘| CRA 2.73

“2-2 Carlton* Utd.... 2.56
CasttomaineTya. 3^
CluffOtt/Auat}-- 0 - 6 P

i i Do. Opts 0.46

“S-S Cock burn Corot. L29
( Coles (GJ) 2,46

Tn'i Comal co 1^0

Container 6.40

-0.2 Costain 2.8

-0.5 Crusader OH— ... 6.6
-3 Dunlop....: J 1.04

-3 Dunlop....: 1.04

-0.1 Elder Smith G M ! 4.40
—2.5 Endeavour Res.. 0.40.
......... Gan Pro Trust ... LBS

— “ HsrtoganEnergy 6.7

+0-2 Hooker 1.43

“S ICI Aust 1.06

-0.10 MHL ^ "230

—ass Mitsui Go 348

+OM Mitsui Rl Est .620*

— OJI7 Mltsu-tooshl ... 410

- 0,112 NGK Insulators— 599
_O.02 Nippon Denso.—. 1,030-

Nippon Gakk) 700

+ oMi Nippon. Meat 4X2

_ Nippon Oil 1,010

Nippon Shinpan. 965
—0.0) Nippon SteeL—... 173
_ O.M Nippon Sulsan—.. 272

NTV-.: 14,540

Zq'Jb' Niesa Motor..— | BIB

'.. NieshinFlour— I 358

— 0.82 NissHin Steal \ 167

+ 0.05 Norfnura..— 581

' NYK ; I 316

•M- rr-
-

) otyhipiis ."!!!!“! ”11^060
* Orient — .—.:.]l r 310 .

_O,02 Plonaar— —.... 1,680 •

—0-2 I Jennings I 1.58 I _

— o.na : Ron own
- 1 Ricoh

—S J Jlmb’lanaiSOcFPi 0,80
-0.5 I Jones ID) J 1.70

Hollingar Argus^
Hudson Bay Mng

Hudson’s Bay

do. Oil A Gas...

Husky Oil

I mas co

Imp OKA.

Inco.... -

Indal

Inter. Pipe...

Emprunt 1973
Emprunt f% 1073

CNESX a—

Air Liquids

Aquitaine

Au Prlntamps . ...

BIC

Banq' Rothschild
Bouyguea ......... |

BSN Gervais j'

(Carrafour I

> ftjith Uoilitar

Mae Bloedel ! 254 j

Marks* Spencer 9 4
Massay Ferg ../.J 2.05 I
McIntyre Mines..! 40 ;

Marfand Expior.. 1 10 'a |

Mitel Corp 281* t

Moore Corp 384

Nat. Sea Prods A 74
Noranda Mines J 224 I

Club Mediter

CFAO

CGE

CSF(Thomson) ...

. Cie Ban ca ire >

{CieGen Eaux... H

l Con meg .1

|CCF J

iCreusot Loire

ICFP

dnel”! J

Dumaz

[ Gen ^Occidental. I

Nthn. Telecom—
Oak wood Pat— |
Paclflo Cop per— ■
Pan ean Petror-j

Patino.—

Placer Dev _.l

Power Corp |

Queboc Strgn — !

854 I 57
174 1.84.

2j00 2.08

681* 694

184 184

151* 153*

15 155*

3.30 3.10

I metal „...!

Larfarge

L'Oreal j

Leg rand i

Machines Bull....:

Matra 1

Mtchelln B I

Moet-Hennesey .i
Moulinex

Asslcur Gen 142.876

Banca Com'le .... 134,850

Bastogl Fin • 204

Cent rale 5,480

Credtto Varaslno 8,100

Flat -1,600

Finsider....;...-....,. -28

Invest 2.889

Itafcementi 35,620

Italsider I 1202

Montedison j 162.5

Olivetti ; 8,419

Perelli Co 2,280

Pirelli Spa j 1,193

Snia Vlaoosa i 640

Toro Assic • 18,080

da Pref. ;i5,000

-u.7 Kia Ora Gold. 0.13

...j..- Leonard Oil 0.44

Meekatharra Ms 8.4

Meridian Oil 0.34

. Monarch Pet. 0.16

MyerEmp.— — 1.56

Nat Bank.. 2.82

. News..... 2.4

▼ or Nicholas-lnt— 1.38

— North Bkn Hill.... 2.65

on. Oakbrldge 2.07

7SS Ottar Expel 1.16

+2®° Pancon 2.60

~ 77- Pan Pacific..'. i 0^5

J?

+OJJ2 Stanley. 375

.... S'tomo Marina— 296

—n ii* Talhel Dengyo — 610

“■Ty™ TaieelCorp 263

Taisho Pharm— 625

Takeda — _ 3,010

TDK - 3,470

To 1 Jin 240

. TeHcoku Oil— 801

Zoiis TBS 477

........ Toklo Marine 510

Pioneer Co,! | 1,75 —0.05) Tokyo Elect Pwr.

^70 /Qua on Margrt G.! O^l Tokyo Gae

— ® I Reckitt * Coin.... 1 2.40-4-^...-: Tokyo Sanyo -...
Toq (Santos 6^ . / -02 Jokyu i Corp ... ...

— 1.880 , Southland M'n'g. 0^ I TOTO. s —

+ 2^<|Pa r 9(» Expel
_*a (Thos, Natwide
Tooth
Ul
Vj
W,

W,

W

Tqyq Selkan • ’416

o os Jbwta Motor ... J 1.030’
0 ’” s . Victor /...._ '2,680

Q Wacoal — 738 1

°- 04 Yamaha 880 I

• Yamazaki: j 505

Yasuda Fire i 314 i

Ranger OH

Reed Stenhs A...i

Rio Algom

Royal Bank

RoyalTrustco A...

Sceptre Res.

Seagram

Shell can oil I

Steel of Can A....1

Paribas i

Pechiney j

Pernod Rlcard ...

Perrier —

Peugeot-S.A

Poclain

Radiotech

Redoute

Taok B.

Texaco Canada..
Thomson News A
Toronto Dom Bk,
TransCan Pipe ...
Trans Mntn. Oil A
Utd. Sisco Mines
Walker (H) Res-
West coat Trans..
Weston (Geo/

ITALY

Banca Comm Ita 0372)

1B7.3& IN ,66

193, BT

1HJ1

292.08 (8/6)

168.44 (24/7)

JAPAN**

Dow Average (16/5(48)
Tokyo Now SE (4/1/88):

7897,60 77 19 7718

571.54, STUB

(c)

(c)

M19.1J (17(8)
608^2117/8)

F886J2 (13/5)
495^9(8/1/01/

1

148.72 (6/8)

11BJE4 (8/6)

97L26 J2BIS)

j 615.28 (1/9)

iai^

1 .vjjf '

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after .

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‘n* Xe : f T ,

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: lof: !1*H •■

r »*r ** H

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■eunf 3 ^

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ir £-•■ s 3i .
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fa ,•

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w->*. -i

"'■■ ■’’! ,1? —

_7J$82

COMMODITIES AND AGRICULTURE

27 ■ :U

■~m

swiy

'sst,

Gi> '«■

d r n

a tSifly

8 T NANCf ,WJ^ W-WASHIHGTON

fre saJd. “We don’t know if we

&•

holding up‘ spdt: pl5c® loa the : can - keep It up becaose we don’l

London^ tin msrfcet has appar* know these people's resources,
entiy stinHiUttd- a^boom in tin Bat it amazes me to see how
sales from .the UJ5. strategic .? much money they seem, to have

materials, stockpile . :

. Since -.{the -tfsieraZ' Services
AdnriaiStrstton . mnoved its
restrictuHt on; exports of GSA
tin on December 14,. the Agency
has sold 3vl40 tonnes, valued
at aJmort *k)n^ ;

’The. GSA. sales have been -pro-
ceeding very -slowly before the
rule/obaogc. Authorised to sell
ItyWO tonnes. a year for three
years, the agency had: disposed
of only dilTtna the previous 15-
months. " f

- A“ GSA spokesman . attributed
toe boom to. machinattons in
' toe London market '

"Obviously, we’re' cutting in
on whoever these' buyers are,”

available.”

He said that more than half
toe GSA tin Is being bought
for export, mostly to Europe. .

- “We believe most of our tin
is going into use” he. said. “It
doesn’t hare to be mined and
yon can get-it in 3a days.” -
■ The GSA price is a good one.
On Tuesday the- agency sold
ISO tonnes at its daily, offering
for $?0S a pound. The London
spot price then stood at $748
a pound and toe New York
price at about S723 a pound;

Most of the buyers are New
York traders wltb affiliates In
London.. . Among those most
active are: Ore and- Chemicals

in New York,- which is con-
trolled by MetallgeseJlschaft.
toe Associated Metals and
Minerals Corp, a member of
the Lissaeuer Group, Amal-
gamated Metals, a Urge, inter-
national tin trader, and Billi-
ton, owned by Royal Dutch
Shell

Last Judy, Associated Metals
went to court to tty to stop
toe GSA fan sales, but, re-
portedly, lhe Ann is now buy-
ing government tin because it
is cheaper to purchase than to
produce.

Proceeds from the tin sales
go to the Stockpile Trans-
action Fund to buy new
materials for the stockpile.
Last year the agency earned
$92m from the sale of several
commodities, including $63m
for tin and $lSm for silver.

tapioca

sold

BANGKOK . — Thai tapioca
: exports last year rose to 6.67m
tonnes valued aE $732.9m or
JJBlm tonnes and $96.8m more
than the previous year, the
foreign, trade : depaxtment said.

Of. last year's export?, .6.35m
tonnes were in the form of pel-
lets «id chips valued at $867.4m
and 316,661 tonnes were, in -toe.
form of flour, .worth $65.4m.

The EEC remained Thailand’s
most important buyer last year
with 5.3m tonnes shipped
against 5.6m tonnes approved
for escort. '

Main buyers outside EEC last
year .were the Soviet Union With
311,900 tonne s, Taiwan, 92*350
tonnes, and /South Korea, 85,290
tonnes.' , /-- ^ . . - ■ .

The Thai cabinet has approved
a recommendation that Thai
tapioca products . be bartered
for Soviet fertiliser..

.The quantities ; involved axe
500,000 tonnes of tapioca, pro-
diicte against. 51^68 tonnes of
fertiliser. The*. deputy Agricul-
ture Minister estimated the
value of toe fertiliser at oyer.
$10m and added that a barter
agreement will, be signed very

soon.' ' ' . - ' ■ ■ : -• ; ■■ - i- ■*

Rmrter ' r.yV '--

Japan pulp makers
lit tree project

TOKYO— The Japanese paper
plup industry -is now studying
toe possibility of an important
/afforestation project in South-
East Asia in order to secure
paper pulp materials, the in-
dustry confirmed yesterday.

\ An official of the Japan Over-
seas Afforestation Association
told Kyodo News agency that
the first phase of the project
caJis ' /or. afforestation of
120 , 000 . hectares of land in
four places— Mindanao in toe
Philippines, Balikpapan in
Indonesia, Open Bay in Papua
New Guinea and Guada canal in
the Solomon Islands.

The Japanese industry plans
.to .invest over Y20bn ($90.9ml
in the first phase to produce
2m : cubic - metres of pulp
annually over a- period of 10
or 15 years, accounting for some
15. per cent of Japan's animal
pulp imports.

• Japan is the world’s second
largest producer of paper pulp.

If toe first phase works out
smoothly, the second phase wiH
be undertaken on a scale three
to five times larger than the .
first he-sakJL

In Mindanao where the
project will' be carried. out„oa
toe largest scale, Philippine
Industrial Corporation (Picop).
toe ' FhHippUtetf largest paper
maker, has; '.-proposed the
nf a joint venture

for the afforestation and toe
Japanese companies are study-
ing the possibility of establish-
ing such a venture with Soriano
Corporation, toe parent
company of Picop.

The association, made up of
11 of toe largest Japanese paper
pulp manufacturers, will seek
low interest financing from the
governmental Japan Inter-
nationa] Co-operation Agency
and Overseas Economic Co-
operation Fund. Fact-finding
missions will be sent to the
four places in June for the
project.

Advertisement
award for wool

THE INTERNATIONAL Wool
Secretariat has won a first iJlace
award -at the llith annual U.S.
television commercial film festi-’
vat Its winning advertisement
gained toe women’s category
award. ‘ It was far W-oolmark
knitwear.

Emphasising toe long-lasting
good Hooks of pure new wool
knitwear, ithas was toe latest in
its sheep commercials series
and was chosen to bead toe
secretariat's autumn television
campaign. .There were more
titan 1,500 entries to the
festival;

Speculators
hit lead
and zinc

B/ Our Cemmoditits Staff

SPECULATIVE SELLING
pushed lead and zinc prices
lower on toe London Metal
Exchange yesterday over-
whelming toe bullish impact
of Tuesday’s news that
workers at the Republic of
Ireland's Tara lead-zinc mine
had decided to continue
their six-month-old strike. -

Cash lead ended £25 down
at £331 a tonne and cash zinc
£17 down at £437.50 a tonne.

Australian Mining and
■Smelting (Europe), whose
Avo&mouto smeller Is a big
user of Tara zinc production
said the strike could have a
serious effect on toe Euro-
pean. zinc Industry if it is
not resolved soon. A company
official said he was surprised
at the apparent lack of con-
cern shown by other Euro-
pean smelters over the strike
at Tara's Navan mine, which
supplied around 10 per ceitf
of Europe’s zinc concentrate
requirements.

The copper and tin markets
were quiet and featureless.
Cash copper wire bars ended
£12 down at £646.50 a tonne
while cash standard tin rose
£2 to £8,302.50 a tonne.

News of cutbacks at loco's
Sudbury. Ontario, operation
and rumours of a similar
move coming at Falconbridge
of Canada lifted nickel prices.
TTie cash quotation on the
LUTE ended £25 up at £2,900
a tonne.

BP in eel
marketing
scheme

By Diana Smith in Lisbon

British Petroleum and
Emirvco, a Portguese holding
company, have begun exporting
live eels to Holland. This un-
usual joint venture is part of
BP's diversification programme,
and was co-ordinaied by the oil
group's Dutch subsidiary.
Hendrix, which, among other
items, manufactures food for
fish.

The venture began two years
ago when BP of Portugal and
its local partners set up indoor
and outdoor tanks m breed and
fatten up eels to toe standards
appreciated by toe Dutch, who
are big consumers of smoked
eels. "Die first export of 5
tonnes (about 40,000 eels) was
made before Christmas in eel-
tanker lorries owned by their
■clients.

Wheat supply optimism

BY JOHN CMERRINGTON. AGRICULTURE CORRESPONDENT

I LEARNED many years ago
that the only certain forecast
that could be made about com-
modity trends and prices was
that they would move up and

down— although the timing of
toe cycle is always in doubt—
and that they depend on supply
and demand.

That does not prevent many
people from attempting the
exercise, and The latest was M
Jean Farotte the executive sec-
retary of the International
Wheat Council addressing a
growers’ meeting in Canada
this week.

In his analysis of wheat pros-
pects he refuted the scare-
monger thesis of those who be-
lieve that increasing popula-
tions -will run out of food or
even space on which to grow it.
He believed that the potential
for bringing new land into
production had not yet been
achieved by a very wide mar-
gin, and that there could bo a
continuation in the steady im-
provement in yields of toe last
20 years.

This has resulted in a near

doubling of wheat production
from 250m to 450m tonnes
world wide, not only in the
traditional exporting countries
but m countries previously
importers such as India and
Pakistan. World trade has kept
pace and exports have grown
from 43m tonnes in 1961 to
100m tonnes in 1981-82.

In toe 1960s the USSR was a
regular exporter but is now one
of the biggest importers. But
H Farotte did not think that
either the USSR or the other
centrally planned countries
wished that situation to con-
tinue. as they could well
achieve self-sufficiency by the
end of the century.

The main deficit was in the
developing countries of Africa
and south-east Asia, where con-
sumption of wheat was growing
with urbanisation. Unfortu-
nately these countries were
very poor and their opportuni-
ties of imparting wheat de-
pended in part on aid from
toe richer countries.

The main scope lay in what
he called the middle-income

countries. Some of these had
been industrialised like South
Korea and Hong Kong and were
already substantial wheat con-
sumers. He thought increasing
prosperity would turn them
towards meat as well as replac-
ing coarse grains with wheat.

In short, a general increase
in consumption which was likely
to be more than matched by
production. He claimed also
in real terms toe value of wheat
which had steadily fallen since
1910 would still be falling.

The only question I have
about this scenario is that toe
increase in wheat production we
have seen latterly has been due
tn an increasing use of energy-
based inputs. There is some
evidence that in toe U.S. and
other countries the continuing
increase in production would be
contingent on a higher price for.
farmers cither in the market or
through government support to
pay for all these inputs. The
low-grade prices may not be as
permanent as M Parotte thinks.

Canadian
grain sales
on target

WINNIPEG — The Canadian
Wheat Board said exports of
Westers Canadian grain
reached the interim target of
10.8m tonnes for toe five-month
period ending December 31
1981.

Wheat Board figures show
that loadings of Western
Canadian bulk grain to export
vessels reached 10.S3m tonnes
on December 31, toe board said
in a news release.

That does not include pro-
ducts such as flour or exports
of Eastern Grain, which
normally are included in Cana-
dian export statistics, it said.

Las! autumn, following the
harvest of a record prairie grain
crop, the board announced an
export target of 26m tonnes of
western grains, oilseeds and
products for the 1981*82 crop
year, which, ends on July 31*
it said.

The target is 13 per cent
higher than the previous record
set in 1979-80. Reuter

New Zealand

Meat exports at record levels

BY DAI HAYWARD IN WELLINGTON

MEAT shipments from New
Zealand reached a record
767.370 tonnes in the season
just ended. This was a jump
of 33,920 tonnes over toe
previous year.

More than half of the meat
shipped to 36 different coun-
tries around the world was
lamb. Total lamb shipments of
378.944 tonnes were up by
28.742. But in spite of the
increase in lamb shipments, the
tonnage sent to the UK— for
almost a century NZ's main
customer — dropped by 30.000
tonnes. This was because of
better prices and a growing
demand from Middle East coun-
tries.

The implementation of the
EEC sheepmeat regulation and
the seamen's strike in Feb-
ruary also caused a distortion
in the market ■ which con-
tributed to the drop in supplies
to the UK. Total shipments of
lamb to Britain during the
season was 151.952 tonnes. The
NZ meat industry plans to In-
crease lamb exports to the UK
In toe 198132 season. A mini-
mum target of 175,000 tonnes
has been set by the Meat Board

and the Meat Exporters Council.

Last season there was another
big jump of meat shipments to
the Middle East This went up
by 36,000 tonnes to 149.000
tonnes during the year. Most
of this was lamb. Total lamb
shipments to the Middle East
went up 97,000 tonnes to 138,354
tonnes.

A big question mark bangs
over NT's meat exports to Iran
next year. Iran was the largest
single buyer in the region
taking 93,041 tonnes of the
138.000 shipped to the region.
However, the row over payments
for the lamb is not yet settled
and New Zealand will not sign
a new agreement until the
outstanding debts of more than
S40m are settled.

Last month payment of
NZ$Sm was received and the
meat industry hoped there
would be a steady flew of
payments. This' has not hap-
pened and meat shipments are
being held up by order of toe
Meat Board.

The NZ meat industry was
astounded by a statement from
Iran that it did not owe New
Zealand anything, bat that NZ
owed Iran S6m for a shipment

which went missing. This was
offloaded at Bahrain after
sitting at anchor waiting to
unload in Iran for nearly three
months.

The value of the Iran meat
lamb trade is worth more than
NZ$2 50m to New Zealand and
the Meat Board and exporters
are trying to conclude the deli-
cate negotiations to clear up
payment dispute so that a new
contract can be signed.

Japan increased its lamb
buying by 4,000 tonnes to 16,000
tonnes and also took another

6.000 tonnes of mutton. It is
the Soviet Union, however,
which is the main customer for
NZ mutton, taking 57 per cent
of all mutton exports. Ship-
ments to toe USSR reached

50.000 tonnes and without the
Russian trade New Zealand's
mutton market would be
depressed.

North America took most of
the beef and veal with the U.S.
buying 163,722 tonnes.

The future of New Zealand’s
beef exports to the U5. were
assured for another few years
last week when the House of
Representatives passed a 1981
Farm Bill on December 17 by

only two votes. This was the
closest- .vote ever in the House
of Representatives, and had it
not accepted the compromise
worked out by the Administra-
tion on meat imports, NZ's
NZS400m meat market would
have been at risk. A lobby an
toe House of Representatives
wanted to ban all meat imports
produced with the aid of
chemicals or drugs prohibited
in the U.S. New Zealand
fanners rely heavily on
fertilizer to maintain, grass
crops and this clause would
have affected NZ's trade with
the U.S. bad it not been thrown
out.

Total shipments by beef and
veal to North America were
225,590. Meat production for toe
1952 season should be main-
tained at last year’s level, but
Farmers and farm groups are
concerned .that inflation within
NZ and rapidly rising farm
costs will price New Zealand
out of many markets.

In an effort hold down indus-
try costs toe government
recently accepted an increase
in killing charges which are
now paid by the taxpayer in-
stead of the farmer.

«5 -it
"> 4

-S

:- s

5>

?«

:S"

W

In

•i-J

4 ‘ ' ; :c

r„\* ■

.-J

<** •

BRITISH COMMODITY MARKETS

T> A Cl? ItrtTT A T C ’ 55.90, S.OO. 5I-C0. 66.00, 65.00, 94.00.

JoASL MLIALD 'w.so. ss.oo. sfioo/se.so. ic»rb: mi*

AMERICAN MARKETS

.. Baa* -metal prices - were' eeheraHy
- lower on- the London . Metal Exchange.
Lead fo*l sharply, depressed.. fay heevy
UJS. •nd..*'«wniP»rtiM.'’ adlirrg which
. lowered three- months to £346 prior. to
*■.010* c* €353. Zinc dropped to £450
end •closed at- CI53.5 * deeleis dni-
couiited. *»» continuing strike u Tore
Minos. " Production cutbacks by 4nco
in Canoda-iifid rumours, of mducBd.'pro-
duction -*t Tefcootoridgo "boosted Nicfurf
wfifcfi uRHrJ<fiiteJfy ELSSO. TIn closed si
EtSlO. ■ Aluminium at . £606.5 end

months £357 M , ' 65-50, 57.00. 56.00,

55.00. 56030. Aiwmckm: Him months
£353.00, 52.00. ' '53.00, 52^0, 52.00,
5250. 53.00. 63.SQ. 53 00, 52-00, 51,00.

50.00, 48.00. 47100. 48.00. Ksrb: Three
months 008 . 00 . 45-00. SOM. 51.00.

54.00, 53.00. 52.00, 49.00, 50.00. 51.00,

52.00. Turnover: 25.425 tonnes.

06.00. 07.00. Kerb: Three month*
£807.00, 07,60, 03.00. Turnover: 7,750
tonnes.

Ysstsrtiya

| + Ot

close

TIN

a.m. ;+ or p.m. .
Official — [Unofficial

. ______ . _ Gaahu._'

Copper at £877, the last-named having * < 2? nt lg
traded In e £4 range, '

High Grade £ _
8600-1
7B05-1
8601 \

c6pi»er

m-m.

Official

+ W

■p.m. .

Unofficial

+-or

■ * ■

*

e

£

cmh.;..

846-7

-15.i

846-7. •

-*ls

B7E-6.5

-16

875.5-8.5

-*l*

-settiem't

- 847

-lb

843-5

-U

843 J5A

, 8.73-4

871-3

-11.5

Settlemt

844 ■■ Ul4

' —

S. Prod

"77-82

Setttamt
Standard
Cash
B ihonthe
Settle Wt
Straits E. , +*■*-*.
NewTorK -

'£

850045 42

7906*10

422 J

B3DO- 1 - 8300-5

7B06-1U+5U 7905-10 (+22.6
8601 I — I" —

2534.80 (+0.70 —

+ O

Aiumlnml

a-m.

OMIoial

■for

P.m.

Unofficial

+ or

e-

e

£

£ '

Spot

585.5-4'

-16.7

582-3

-a

3 months

60B-B

■3

606.5-7

-6.26

Nickel — * Morning:- Three month*
£2,360. 46. 40, 4S. SO. Afternoon: Three
months £2.950. 55, 58, 60. Kerb: Three
months. £2.955. 50. Turnover: 1.Q20
tonnes. - - - -

January....
February,.
March.. ...
April. —
May ..........

June

July — ...
August...,,
Sept.

S U.S.

■per tonne]

338.00

333.00

314.50
305.60

305.00

304.50

304.50
305.00

307.50

Dona

Prices moved slightly ahead on trade
buying and Isle I rash commission house
interest pushed values higher.

PRICE CHANGES

In tonnes unless otherwise stated.

+ 1 J&IS29.0D-27.60
+ 1 . 75*52* .00-2 1 .50
- 'fi16.BIMS.0Q
-3J»,fiOG.E(U>S.OQ
-_3JM.W3.7WJ4.QQ
.50ii05.fi04>«.00
-3.60 -

1-1.60 —

-1.Q0 —

SUGAR

Turnover. 1,299 (1,440) lots of 100
tonnes.

Atnefgamatsd Mat*! Trading reported
that. In- the framing, cash wireframe
traded *t E84S.60, 48.00. 46.50. tbne
months £878.00,’ 75.00. 7530, 75.00,
74,50, 75.00, 3S. 50. 78.00. ..Cathodes,
cash.. £843.60. .- 44.00, Three months

Thi-Afoming: Standard, cash £8.300,
01. OB, 8.300. three months £7.900,
"10. OS, > Kerb: Standard, cseh CB.300.
three ■months £7,900. Afternoon: Stan-
dard. cash £8.380, S.300. end-Feb
£8,090, ,8.100. three months £7.890# 85.
80. 7,900, 10. Kerb: Standard, tit ran
'months- £7.815, TO.. Turnover: 2.520
tonnes.

NICKEL

atm. '
Official

+■«*!

p.m. .
Unofficial

■for

Spot

3 months

i'aBa6.95

2945-50

+■«.*!

!L

2895-905

2959-60

+ 26
+ 17

GRAINS

LONDON DAILY PRICE— Hew sugar
£157.00 (C159M) a tonna cil Jan -Feb
shipment. White sugar dally price
£166.00 (same}.

Initial trades were «r the lows.
Thereafter a steadier tone ensued.

A ” buy recommend a lion "by *
major U.S. commission house en-
couraged further buying end Anal
prices were around the blghs, reports
C. Czamikow.

| Jan. 6

I +or|

Month

1982

1 s

ago

. 1

Metals I

l 1

1 !

Old crops opened slightly higher,
new crape unchanged. Whear and
barley traded easier with commercial
and shipper selling old crops through-
out the dsy. Adi repo ns.

FrooMkt.^"" ; $11flnsi1S0 — 15 JS1120flU

Copper — i

Cash h grads... i£8464> •

3 mths„ J*87&

Cash Cattiod 0-^844

3 mths .8878

Cold .Toy ox„ Jf402.5
Lead Cash — _Jf3.

31 H

12 |£874.5
11,5*895.35

t On previous' unofficial dose.

* Cent* 1 per -pound. % MS per kilo.

SILVER

75.50, 77.00. 78.00. Kerb: Higher
gradB. , three months - £877.00, 77.50,
78.00. 77.00.” 76.50, • 77.00, 77.50. Turn-
over. 23.225 tonnes..

ZINC

a-m.

Official

+ OT| p.m.

— | Unofficial

-- - •. .-

£

£

. £ -

£

440J5-1 H1&.BI

437-8

1—17

454,5-1

-14.5'

451-2

— 1BJ

441 -

— W.5

Prim w* tel

-• — '

— 1

*44-60

W-...

Silver was fi*6U 4p an ounce higher
for spot delivery in the London bullion
nurrbet yesterifay ec 429.4p.' U.S. cent
egiMvadencs at the fixing levels were:
•pot 826.2c, up 10.7c: three-montii
853.2c, up lOJfc six -month 886.6c, up
9.9c; . end 12-anomh 948.6c. up 1D.4c.
The- metal opened at 427-431 p (825.
830c) and closed et 429-433p (827-
832c).

WHEAT

BARLEY

Yeetord’ysj

+or

Yesterd'ys

+ or

Mrrth

ciooe

close

108.63

— 0.06

104.50

+ 0.08

Mar...

1,13.05

— OJB

107.55

-O.lfi

May..

115.55

— -

110.90

-0.10

July..

118.86

-0.06

— *

SCO...

106.95

— 0.1&

102.15

-OJ5

Nov_.

110.55

—0.20

106.05

—0,|5

£ par tonne
March.llB9.5D-M.40 1B7.M-07.MJ1B3.75.£7,M

3 mths.— <£345.5

Nickel £3737.75.

Free mfct ZS5i8«k .

-13

:F

•35
-26 J®

May |!n.7§-71.85ilM.4MB.«|172.08^JJ

AUfl - ... 1 175.05.75 JM ; 175,00-75.26 1 75 JO-71,
OcL.....J J 7B-0Q-7B.40, 1 76.75 -77,85; 179.fiD-77.5D

Jen j17fl,5Q -61 .25; 177 .08-73.251 -

Marc .1.1 i B4.6fl4J6.00 ! I82.7MS.D0 -

May.-.„>l85.4Q-8B.B5 l 1Qfi.75-fl6.GS‘ -

- . LEAD

a,m.

Official

+ or|

. p-m. i+ or

rUnoffiolafl —

-<■ :• " Casta -—J

3. months!
-•:* Sattlom't]

f*. - UJB. Spot!

-.1- a 1

' 340-1
355.5-7

UlJ r 330-8 !-2B
-1BJ 345-6 ;-aW
-17 1 -

i *31-4 f

Le a d M orning: Cash £341.00. 41.50,
three months : E358J50. 58.00, 57.00.
58.00, 58.50. 68.00. 67.00, : 56.60, 1 56.00.

- Zino-rAtornmg: Cash £441 _5D. 41.00;
three tnomhs £458.00, 57.00. 68.00.

. 57*50/. 57.00,- "56.00, 85.00. 55.50. 54.00.
.55.00,.. 54.50, ' 55.00, 54,50. Kerb: Throe
months: £455.00. 54.50, 55.00. After-
noon: .Three months £454,00. 54.50,
55.00; 54.50. 6Z.00, 50.00. 50.50, -51.00.
Kerb:- Three months £464.00, 63.00.
52.00; 51.00/ 52.00. 53.00. 54.00, 53.00.
Tumoyerr 70,775 tonnes. <

Aluminium - Monrinfl: Dash £584.00.
Three momin 1800.00. 09^0, 08.00,
08.60. . Kerb: * Three month i £608.50.
Afternoon; Three months £508.00. 07.00, .

SILVER

per

troy ox.

Bullion

fixing

price

-l-OT

L.M.E.

p.m.

Unotfle'l

+ or

Spot ... —
3 months,
& rrc.Tth*.
ISmotaths

429.40 d
445.30P
463.00 1>
496.00 p

Lu.ii
if 3.8
ffi.fi
i+S^

433d

448.75p

—0.5

-PM

■OUB— ' Turnover 105 (55) lots of 10.000
ounces. Morning: cash 42S.5: three
months 446.0. 45.0. Ksrb: three months

446.0. Afternoon: three months 447.5,

48.0. 49.0. -Kerb: three months 448.0,
48.5, 48.0.

A NEW RANGE OF

COMMODITY

ON THE REUTER MONITOR

^‘ . Exchange prtoes, prfc©s contributed by market
* makers, statistics, news and foreign exchange i

rates:— • :

METALS GRAINS/OILSEEDS -

COCOA RUBBER

COFFEE SUGAR PETROLEUM

in London

on 01-251 7485 or conlarf
* your local Router office.

UMWpari rstssstimraiwo

COCOA

F uture3 opened lower in line with
New York and eased further s« offer*
by producers Induced commission
house profit-raking. . .Offtake among*
consumers was scarce although the
buffer stock manager purchased over
2,000 tonnes from Brazilian shippers,
reports Gill and Duffus.

-Business- done — Wheat; Jan 1D8.80-
108.65. Mar 112.30-112.10. May 115.XU

115.60. JuJy 118.75 only. Sept 107,10-
107.00. Now 11030 only. Salas: 118 lots
of 100 tonnee. Barisy; Jan 104.00-
104.45. Mar >07.80-107.55, May 111.15-
1.10.90, Sept. 102.25-102.10. Nov 106.25-
108.10. Seles: 182 Jots of 100 tonnes.

LONDON GRAINS— Wheat; U.S. Dark
Northern Soring No. 2 14 oar carit.
Fob 115.50, Mareh 118.75 transhipment
East Coast sailers. English Feed fob
Jan 112.25. Feb 114.50. March 116.50.
Anril/Juna 120.00, East Coast sellers.
Maize: French first half Jan- 133.50
transhipment East Coast sellers. South
African Yellow March 76.50 quoted UK,
Barley: English Feed lob Jan 110.25.
fab 111.25, Apni/June 115.60 Een
Coast. Rest unquoted.

HGCA — LocoUonei ex-famr spot
prices. Other milling Moat E, Mid-
land* 109.00. Feed barley: Eastern

109.60. E. 'Midlands 104.60. N. East
104.40. Scotland 102.90. Tito U.K.
Monetary Coefficient for the weak be-
ginning Monday, January 11 (booed
on H6QA catenations using four days'
exchange rates) l* wrpeeteef to remain
unchanged.

Sales: 3.264 (4,386) lots of SOlonnas.

Tate and Lyle delivery price tor
granulated basis white sugar . was
£374.00 (same) a t onne fob lor horse
trade and £266.50 (£258.50) for export.

International Sugar Agreement (U.S.
cents per pound) fob and stowed
Caribbean ports. Prices lor' Jan 5:

Platin' mtr'y oz£360

Freamkt i£19B.fl5_

Quicksilver! ...'64X314171
Sliver troy «... 489.40*

3 mths. 445. JOp

Tin Cash f£8,302.5

3 mths- ,£7,907 £

Tungsten 12.0 fbjffil 37.40

(£870.0
10890 J25
*4X8^

p52>5

M0/90c

^2^5telS-55

h + 3 5 420/42

+4 454JJ05

+ SJB 460jBOp
*Z |£B353.p
+ 22.5£3417.5
! f»i37jia

Woifrm22.04lbB|B)2finSB [+3 15124/129

Zinc Cash £437.5 Ul7 £483.0

3 mths £451.5 UlB3£433.S&

Producers -18950 | 5920/50

ha.5

is tor Jan o:
Dally price 12.47 (12.57): \S~5ay

average 13.13 (13.16).

5957.50

5765

+B

*493.5

WOOL FUTURES

SYDNEY GREASY WOOL— Close (in
order buyer,. boUsi, business). Aust-
ralian cents par kg. March 497.0.
496 5. 497.5: May 505.0, 508.0. un-
troded; July 516.0. 517.0, 516.0: Oct
513.0. 515.0, untraded: Dec 518.0,
519-5. 518.0; March 528.0, 6 28.0. un-
lra ded; May 529.0, 530.0, untradod;
JuHiv 530.0, 540.0. untraded. Solas: 17.

LONDON NEW ZEALAND CROSS-
BREDS — -Class (in order buyer. s«Her,
busrnese). New Zeeland cents parks.
Jan 385. 368, r»H: March 373. 374. 374-
373; May 378. 380. 379; Aug 393. 338.
396; Oct 388, 397, 397-386; Dec 401,
404, 403; Jan 404, 406. 405; March
«13, 416. 414; May 423, 428. 425. Sales:
53.

OKs [

Cooonut (Phil)>[BS40y

Groundnut ,S680y

Unseecf Crude! t
Palm Malayan.! 5495z
Seed* I

Copra Philip. „ S340
Soyabsan(U^.); 8857
Grains I

Barley Fut.MarX107.55 j— 0.1 &X 10740

Maize [£153.50 ! ..X128.5

Wheat Fut.Marfell3.05 MUS'Xl 11.55
ardWInt]

+2

53 BO

1 52 65

No2 Hard W I

NEW YORK.. January 6. -
Feara ol Increases ol interest rates
attracted cautious selling In precious
metals and copper. Sugar advanced
on technical buying and short covering
while coffee declined on long liquida-
tion. Cocoa lost ground In the absence
of any reaction to additional loan offer
by Brazilian banks to the ICO. Cotton
advanced on short covering and
moderate trade buying. The livestock
complex advanced aharply as unfavour,
able weather 'interfered with live
marketings, reported Hem a Id.

Copper — Jan 72.50 (72.65). Feb 73.20
(73.40). March 74.10-74.20. May 75.75-
75X0. July 77.60. Sept 79.20. Dec 81 .75.
Jan 82.50. March 84.20, May 85.90, July
87.55, Sept B9-20. Sales: 8.000.

•Gold— don 400.0 (402.4), Feb 402.5-
4033 (405.6). March 407.0. April 410.0.

411.0. June 419.0. Aug 429.3. On 438.8,
Dec 450.0, Feb 482.0. April 468.2, June
4764, Aug 488.6. Oct 498.9.

•Platinum— Oen 377.0 (376.5). April
380.5-381.5 (385.2). July 932.9. Oct

405.0. Jon -424 9.

Potatoes (round whites)— Feb 71.2
(71.0). March 74.3-75.0 (75.0). April
80.7-81.1. Nov 75.7-77.0. Sales: 366.

^Silver— Jan 82.90 (833.0). Feb 33 60
(340.5). March 84.30-84.49. May 86.30-
86.40, July 88.20, Sept 90.40. Dec 93.40,
Jan 94.40, March 96.40, May 38 40, July

1004.0. Sept 1021.0. Handy and Har-
man Bullion Soae 832-00 (825.00).
Sales: 5.500.

SWheet— SCWRS 13.5 eer esnt pro-
tein content of St. Lawrence 239.04
(237.14).

Sugar— No. It: Marsh 13.00-13.03
(12.80). May .13.21-13.23 (12.95), July
13.46-13.50. Sept 13.62. Oct 13.5S-13.88.
Jan 1 3.75-14.00. March 14.59-14.60, May
14.70-14.90. • Safes: 9.260.

Tin— 695.00-720.00 r 630 00-720 00) .

CHICAGO. January 6.

Lard— Chicago Ioosb 18.50 (18.25/
18.50).

Live Carttio— Feb 58 .15 (55.65), April
50.35-S7.OO (K.55). June -57.50-57.60.
Aug 56.20-56.25. Oct 55.10-55.05, Dec
56.40.

live Hogs— Feb 45.30-45.35 (43.87).
April 44.50-44.66 (43.35). June 47.25-
47.10, July 48.30-48 05. Auq 47.00, Oct
4600. Dec 46.70. Feb 47.55. *

*1 Moire— March ZI&?-Z7B (272\).
May 2304-387 (2824), July 27Z ] «-2S2.
Sept 294V Dec 298V2SB. March -3091,.

Pork Bodies— Feb 62 70 52.50 (61.37),
March 63 20 63. 00 (61.651. Mav 64.10-
64. CO. July 65.20. Aua 64.70. ‘

tSoya beans — Jan 625'.-KM1. (618).

March 637<]-6384 (630). May 6514-652.
July 064V865. Auq 667. Sept 867. Nov
671. Jan BSP.-. March 70J4.

II Soyabean Meal— Jun 188 1-188.2
(186.5). March 189.4-139.2 £187.2). May
197.5-797.7, July 194 0. Auq 194.5-135.0,'
Scot 193 0-1935. Oct 195.5. Dec 1995.

Soyabean Oil — Jan 18.94-18.93
(16.S3). March 19.45-19.43 (1914). May
20.03. J'llv 30 62, Ann 30 75-2050; Sepx
20.95-21:00. Oct 21.15. Dec 21,55,. Jan
21.50- 21.58.

t Wheat— March 402-401 (391). .May
410',-410 (400V,). July 412^-4)3, Sept
423. Dec 440. March 453.

WINNIPEG. January 6.

5 Barley— March 126.90 (125.70). May
130 50 (129.20), July 132.10, Oct 133.90.
Dec 134.00.

AM cents per pound ex-warehouse
unless otherwise stated. *5 per troy
ounce. 5 Cants per troy ounce.
tt Cengs per 56-H> bushel. f Qents
per 60-lb bushol. |) S par short ton
(2,000 lb). § SCen. par metric ton.
55 S par i.ooo. sq ft. i Cents per
dozen. 1 1 S per metric ton:

Other i

commodities

woai .

Cocoa shlp't* £1354
llay UB1

Future May UQ1186
Coffee Ft' Mar £1146.9
Cotton A.lndexL68.90u
Gas Oil Feb. ...‘S523

t IT

Ll,2

Rubber (kilo)...
Sugar Olaw)....
Woott’psMa kJ.

WBi

J5Ty
377p kilo!

Tuesday’s closing prices

— 85 l£l,238
-ai 161148
1-1 £1207.5

+ 0. 15 67.96c
+ 1.76 5320
-V— 5J-OP
I £162
; 37DpMIO

4 Unquoted, w Dac-Jsn. z Feb. y Jan*
Feb. t Per 76-lb flask. * Ghana oocoa.
n Nominal. 5 Sellar.

NEW YORK. January 5.
tfCocoa — March 2159 (2142). May
2150 (2148). July -2170. Sept 2180.
Dec 2206. March 2235. Salas; 3.705
Coffta--" C " Contract: March 143.1Q.
143.50 (142.40). May 136.71-137.00

(136.76). July 134.25. Sept 130.80-

131.00. Dec 128.25-13650. March 125.70-

126.00. May 124.00-125.50. Salsa: 3,283.
Heating Oil (dollar* per U.S. gallon)

— Fab 05513, March 05300. April
0-91 E8, May 0.9125. June 0.9140. July

0.4150. Aug 0.9190. Sept 0.9340. Oct
0.9420. Turnover: 10.033.

Orange Juice — Jan 116.00 (115.101.
Mnrnh 1 ia.B0 119&0 f 178.75). May
321.70. July 123.50-123 80.- Sflpt-H6. 00-
125.20, Nov 125.50-125.73. Sales: 600.

CHICAGO. January 5.
Chicago Imm Gold— March 4095-410.0
(412.2). June 422.8 (425.5). Sept 437.4,
Dec 4S2.2, March ,467.5. June 483.0,
Sept 438.7.

COTTON

COCOA

Yai'rtW.

Ctooe

+.4r [ Business
— j Doha

Maroh —

1188-89

-24.^1204-185

May

July.......

. 1185-87

-BUI 1199-85

1105-96

1204-06

—18.CS 1210-193
-20.51 1318-06

1281-23

r— 20.01 1250-24

March...., ...

1231-35

-17.5! 1243-33

May-,----

1235-43

— 17.0| —

RUBBER

The tendon physical market c parted,
slightly 0B9ler, attracted little interest
throughout the day anti closed dull.
Lewis and Peat recorded a February
fob price for No 1 RSS In Kuala
Lumpur of 200.5 (198.5) cents a kg
and SMR ZD 177.5 (17B.5).

LIVERPOOL— Spot and shipment safes
amounted to 450 temrm. 'Business
developed on a much broader scale.
With irtenraefng interest In numerous
qualities. Moat orders were placed
in Middle Eastern varieties.

POTATOES

Safes: i 187' (4.328) lots of 10 tonnes.
ICCO— Daily price fob Jan 6: 100.40
(101.50). Indicator pries fur Jan 7;
88.47 (97.23) U.S. cenu par pound.

No. 1 i YostVya ; Previous > Business
R.S.5. close dose 1 Done

COFFEE

A staedier. “ C " close coupled with
Stranger starling produced an
unchanged, opening, report* - Drawl
Burnham Lambert. -The recant Dhyeieal
activity failed to. inspire futures.

COFFEE

Yestorday’i

Ctose,

+ Of

Buoicen

■Done

B per tonne

1146-47

-8^

115845

1146-47

-U>

115342

May

July

1125-27

1117-1B

+0.5

-1.5

1132-24

1126-15

1115-14

-1.0

1120-13

U07-0B

-4.0

— •

January

1100-10

-4J

1115 •

Feb. I

Mar. !

Api-Jne.

Jly-Sept

Oat-Dess

Jan-Msr

Apl-Jne,

49.7D-fiD.iDI

8B.fflLfiO.5B

B2.2Q-G2.34

BfiJjQ-65„5fl{

&a.60-sa.7Ej

BI.BQ-C2.aD

B45Q-64J0

B7.7ILB7Jff[

7058-78^0]

49,38.505111. -
6fl.5B-M.4Ql -
52.iO-52.4D 62.49^52.00
55.50- 65. EH fifi.BQ-fifi.20

fiB.70-fiB.Bfl;
6I.M-B2.0D
54.BO-BB.0Oj —
88.00- 68. IB
nj»-71.10!

58 JO- 58^0

LONDON POTATO FUTURES-^older
weather brought higher prices, with
AprH showing £1.60 cm ms before slip-
ping back at tile clnso. November
found fresh buying, but fell back with
April at the -close, reports Coley and
Harper. Closing prices: Feb 94,50,
+0.30 (high 95.00. low 94.50). April
115.50, 40.50 (high 116.60, low 116,40),
Nov 67.40. +0.20 (high 67.90. low
67.40). Turnover 266 (372) lots of 40
tonnes.

70,80

Sales: 175 (167) lots of 15 tonnes,
nil (1) lout of 5 tonnes.

Physical closing prions (buyers)

were spot 49.00p (lerno): Feb 5UX)p
(earns): March 50.75p (SIX'

■00p).

SOYABEAN MEAL

HIDES — beads: the market was firmer.
Second dears. Ox: 21-35.5 kg. 68.1ti
a kg (65.0p a kg): 25-30 5 kg. 72.0o »
kg (89.7p a kg): -22-25.5 kg. 79.6p m
kg (7BJj> e.kg). tipfat cows: 25 5 kg.
79.0j> a kq (76^p a kg)..

tiff l MS BY FISH— Supply poor, demand
good.- Prices at Bhip’s side (unpro-
cesaedj per stone: Shelf ‘cod £5.00-
£8.00, codlings E4.50-E5.50.

The market opened unchanged in
thin conditions, reports T. G. Roddick.

MEAT/VEGETABLES

Mias-

ICO IndieitDr prtese lor January 5
fUvS. cents par pound); Comp, daily
T25.82 (125.19): 15-day average 123.43
(123.14).

■jY<ffltordya| + or

GAS OIL FUTURES

After « vimafc' opening prices rallied
to reflect the steady phyaicai merkat
but later eased off aa U.S. commlsaiun
house selling again came into the
market: on- the New .York opening,
reports Premier Man.'.

February—

'April....

' June. .........

August-
October.....!

Doc —

Fob -I

£

fear tonna
(28.QQ-2fl.2i* 1-18
128.B040 .dI *0.76
120.70-2841 + 0-65
IM.flfl-StJl + O.BS

1MJW42.6.— C.W
1B1.0D-54JI-O.W
IfiS.OO-BflJI-O^fi

Business

DOI)Q

I28.W-27JW

128.80- 29,30

129 .80- 23.78

Salas; 90 (113): lota of 100 tonnes.

SMITHFIEU} — Pence per pound.
Beef: Scotch killed eidaa 84.5 to 90.0;
Ulster hindquarters 101.5 to 105‘.2,
fnrequarters 63.5 to 95-0. Veal: Dutch
hinds and ends 139.0 to 145.0. Lamb:
English smelt 77.0 to 86.0. medium
SO 0 to 84.0; Imported— New Zealand FL
(New Seaton) 68.0 to 69.5. PM (Nbw
S eason) 68.0 to 60.5i, YU (Old Season)
68.2 u 8fl J, YMa (Old Season) 66.5 to
86.8. Pork: English, undBr 100 lb 37.0
to 56.0, 100-120 lb 45J to 53^. 120-
160 lb 41.5 to 53.5.

MEAT COMMISSION— Average Fbi-

stock prices at represanutlvs markets,
GB — Cattle 10O.96p par kg Iw (-'3.161.
UK— Sheep 1B8.68p par kg set dwe
(-3.72). GB — Pigs 77.41p. per kg Iw
(-5.01).

COVENT GARDEN— Prices for tha
bulk of produce, in sterling per pack-
age excant where otherwise . mated.
Imported Produce: Orangas— Moroccan:
Navels 43/113 3 20-3.50: Spanias

Naveia/Navelinaa 42/130 3.00-3.40;

Jaffa: Navels 88/144 4.85-5.35.

Clomerttines — Spanla: 3.60: Maroccen;
2/fi 3.30-4.20. Settumas— Spania: 3.C0-
3.60. tamons— Cyprufl: 3,30-4.50;
■ Greek: 5.CO-6.K); Spania: 40/50 2.40-
2.50. Grapefruit— U.S.: Pink 32/48 6.0H-
7.00; Cyprus: Large cartons 3.60-4.50.
small cartons 2 80-3.40: Jaffa: 56/88
3.80-4.55. Apploo-rFroncb: New crop.
Golden Delicious 20-lb 3.0Q-4.00. 40-lb

5.00- 7.50, Siarkcrlmson 40-lb 6.50-7.00.
20-fb 3.40-3.80. Granny Smith 7.00-6.50;
Canadian: Rod Delicious 9.00-11.00:
U.S.: Rd Delicious 8.00-13.00; Hun-
garian: Starting B.6O-7.O0. Peer*—
Dutch: Comics 14-lb, per pound 0.24*
0.28. Ftachos — South African; 4.50.
Nectarine*— Chilean: 33/48 8.00-9.50:
ZmbabweaiY. 18/28 4.00. Phmtfr— U.S.:
Per. pound. 0.30-0.40: Chilean: Saifta
Ron 17-lb. par pound 0^0. . Apricots —
South African: 11-lb, per pound fl.flO-
0."50. Grapes — Spanish: Al merle' 11-lb

3.00- 3.80. Ngra *.80-5.00; U.S.: Red
Emperor 0.45: Chilean: Seedless par
pound 1-20. Strawberries: Israeli: Par
8-oc tray 6.40; Kenyan: D.7O-0J0: U.5.:
12-oi 1.50. Lltchaaa— South African:
0.80. Melons — Spanish: 10-kg 6.00-
5.00, 15-kg Al 10.50-11.00. Pineapples
—Ivory Coast: Each 0.40-1.00. Bananas
—Colombian; Per pound 0.18.

English Producrv— Potatoes— -Per 55-
lb. White 2.60-3.50. red 2-80-3.60. King
Edwards 2.80-4.00, Mushrooms " Pa r
.pound, open 0.30-0.40. cloaed 0.55-
0.70. Apples— Per pound, Bromley
0,18-0.28, Cex'e Q.2M2B . -Rujssts 0.1&
0-30, Spartan's 0.20-0.25. Peers— Per
pound Conference 0.14-0JD, Cornice

EUROPEAN MARKETS

ROTTStDAM. January 6.
Wheat — (U.S. S per tonne): U.S.
No. 2 Dark Hard Win-tar. 13.5 per pent:
Jm» 20/F*B1O 135.- fob 20/March 10

202, March 20/April 10 205. U.S. No. 2
Red Winter: Jan 172. Fab 173. March
178. U.S. Nn. 3 Amber Durum; Mid*
Jin/mld-Fah 206- April/May 193. May
f(*4, June 195. July 136, Aug 18S. Sept
ZOO, Oct 203. Nov 205 U.S. No. 2
Northern Spring. 14 per cent: Jan
199. Fab 200. March 203. AprH/May
191. June 181.50, July 134. Canadian
Western Rod Spring; Jan 221, April/
Mav 220.

Maize— (U.S. S par tonna): U ; S.
No. 3 Corn. YeWow: Jan 124.50 traded.
Spot 132. ''Afloat 126. Jan 125. Fsb 126.
March 127.75. ADfll/Juna 130, July /
Sept 133.50, Oci-Dbg 137 setiera.

Soyabeans— (U.S. $.per tonne): U.S.
No. 2 Yeflow, Gulfport*: Jan SI, Fsb
253.50. March- 256. April 257.50, May

299.75. June 261. Jufy 232.75. fluff 284,
Sept 284. Oct 263. Nov 253. Dec 267.
Arjjwittne; June/ July 257.50,

Soyemeal — (U.S. S per tonniij: 44
par cent protein: U.S. Afloat 234-
234.50-255, Jan 234-234.50, Feb 234.75-
235. March 235.50-235.75. .Apil/Sept
234, traded Afloat. 235. Jan 235.. Fab
235.50. March 336. Aprrf/Sepi 235. "Nov/
March 242.50 sellers. Brasd Pallets:
Afloat 244, Jan/March 251, April/SBpt
243 setters.

PARIS' Januarv'5.

Cocos — |FFr per 700 i Jos ) : March
1238/1289. Mav 12S4/12R6. July 1315/
133C. Ssot 1335/1330, Dec 1358/1362,
March 1362/1366, (Way 1370/1274.. Solos
at call: 2,

Sugar — (FFr per tonne): -March
1860/1681: May 1907/19C3. Juhr 1920/
1940. Aug 1975/1980, Oct 1995/2005.
Nov 1995/2005, Doc 20 05/2050. March
2045/2055. Sales at cell: 63.

INDICES

FINANCIAL TIMES

DOW JONES

Jan. 5

Jan. 4 |Month agoJY&ar ago

249.61

249J»( 245.90 1 265,02

(Base: July. 1, 1952-100).

MOODY’S

Jan. & jJan: 4 iMonth agojYear ago

990.1 !

^ 987.61- 978.4 ! 1241.6

Dow ,

Jan.

Jan. !

Month

1 Year

Jones

5

4-

ago

| ago

Spot-

126.18

135.02

360.49

4534s

Futra

134.67

125.87)

364.9547B.6e

(New bees: Dec 31. 19.74“ 100)

REUTERS

Jan. 6 ! Jon. 6 ;M'nth agofYear ago

1596.8 ! 1604.6 1 1693.0 | 1737 J8

[ December 31, 1831-100)

(Base: September 18, 1331*100)

0.18*0-23. Csbbagss - — Per 30- Jb bag,
CelticJan King 2.00*2.50. Lettuce— Per
12. «und 1.60-2.40. Onions— Per 55-lb
40/80 -mm' 2.00-3.00. C amtth-Per 26/
28-lb 1.50*2.30. Beetroots— Per 28-lb.
round 1.20, long 1.50*1.80. Parsnips—

Par 28-lb 2 00-3.50. Swedes— Pc
1-20-1.40. Sprouts — Fer 20- lb --2. GO
Spring Gresrts—PBr 28/40 3.00
Turnips— Fer 28-lb 2.00-3.00, Rh
— Per 14-lb, per pound 0.25, ta
Per ID-ib 2.502.80.

28

Gonpanhs and Markets

LONDON STOCK EXCHANGE

dullness

with burst of strength despite Wall St weakness

Account Dealing Dates
Option

•First Declare- Last Account
Dealings tions Dealings Day
Dec 23 Jan ? Jan 8 Jan IS
Jan 11 Jan 21 Jan 23 Feb 1
jan 25 Feb 11 Feb 12 Feb 22

* ~ New thn* " dealings may take
place from a» am two business days

“London stock markets late
yesterday cast off Wati Street
and other U-S. influences with
impressive results. Leading
shares, which were opened lower
across the hoard hut then staged
a progressive technical recovery,
moved up strongly in the after-
hours’ trade, partly encouraged
by reports of the Ford plant
voting and particularly the big
majority si Dagenham to accept
the company’s revised pay offer.

The marked change in tone
was well Illustrated by the FT
Industrial Ordinary share index.
Down 4.2 at 10.00. am. reflecting
nervousness over the sharp
overnight drop in New York
values, this measure recorded
only a marginal loss at noon and
a net gain of 1.9 at 3.00 pm
before closing 5.6 up on balance
at 523.7.

Throughout official trading,
the recovery was largely tech-
nical with bear-covering increas-
ing as leading equities rallied.
But the final flourish may well
have represented revived institu-
tional activity, despite a . simul-
taneous fresh bout of weakness
on Wall Street early yesterday.

Another late feature was pro-
vided by speculation that
UnJgate. up 10 at 108p, might
be tile target of a market raid
today from either Bats or Allied-

Lyons. Earlier in the session,
T, W. Ward responded to in-
creased offer terras and tumours
that bidders KTZ were buyers in
the market, which also witnessed
a raid on Arthur Holden: Inter-
national Paint announced later
that it had acquired a 12 per
cent stake which left Hidden at
158p for a rise of 50 on the day.

Government securities also
regained part of the ground lost
on Tuesday. The firmer opening
tone in this sector reassured the
equity sectors and helped lead-
ing shares to recover from
10.00 am onwards. Longer Gilts,
however, struggled to hold their
improvements despite sounder
conditions in the U.S. bond
market early yesterday. Ahead
of today’s application for the
£500m issue of special low-
coupon Treasury 3 per cent
1957. the shorts made a better
showing and staged rises extend-
ing to ?.

The subdued performance of
the underlying securities
resulted in a sharp contraction
of interest in Traded options
with contracts completed yester-
day amounting to 1.101 compared
with Tuesday's 1.957. British
Petroleum and Shell Transport
attracted 119 and 116 calls
respectively, while 164 calls
were struck in GEC.

Guinness Peat rise

Unsettled on Tuesday by
reports that the Stock Exchange
is studying the share price
movements prior to the an-
nouncement that a partial offer
might be made for the company,
Guinness Peat rallied smartly

FINANCIAL TIMES STOCK INDICES

! Jan.

1 Jan. ,

Dee. [

Dec.

^ Deo.

I 6

1 6 1

4

31 1

30

as

Government Seta....:

Fixed Interest....

Industrial Ord...-

Gold Minea

Ord. Dlv. Yield

Earnings, Yld.*(fulh|
PIE Ratio (notx *)

Total bargains.

Equity turnover £m.
E quity bar g ains,,-...

10 am 5*3.9. 11 «m 516.9. Noon 517.6. 1 (Nn-SIB.7.

2 pm 519.5. 3 pm 520.0.
latest Index 01-246 8028.

• I'M = 1-1.37.

Basis 100 Govt. Secs. <15/10/26. Fixed 1/rt 1928, Industrial Ord.
1/7/95. Odd Minus 12/9/55. SE Activity 1974.

HIGHS AND LOWS

S.E. ACTIVITY

Govt. Sees-
Fixed Int.—.
Ind. Ord.—
Gold Mines..

1901)3 [Since Campilai'nj

High I Low

70.61

(20/51

73.01

<90/51

597.3

(50/4)

438.0

am

60.17

(26/10)

61.61

(20/10)

446.0

(14/1)

362.6

(29/6)

High | Low

137.4

(9/1/36)

160.4

1(28/11/47);

.597.3 40.4

[(80/4/01) 1(20/6/40)
558.9 I 4S.5
1(22/9/00) j(26/ia/7D|

-Dally
49.18 ««S2

iEqflSi "

50.53 I Bargains....

(8/ 1/75) l Value.

!5-day Avrge
(Gilt-Edged

Jan..

5

Bargains...
Iqultlc

Equities
Bargains....
Value J

172.9:

79.8[

1BS.6|

Jan.

4

135.3

69.1

133.B

109.3

5B.d

182.8'

86.1

48.3

106.6

to close 7 higher at 95p. after
97p, following Press comment.
Elsewhere in a firmer banking
sector. Bank of Scotland rose 17
to 515p on revived bid specula-
tion. Reflecting awaiting the
Monopolies Commission decision
on the controversial bids from
Standard Chartered and Hong-
kong and Shanghai, Royal Bank
of Scotland gained 11 to 197p.
The major clearing Banks picked
up on technical considerations.
Lloyds regained S to 428p as did
NatWest, 408p.

A slightly firmer tone deve-
loped in leading Breweries and
most recovered the small losses
sustained on lYiesday.

After an uncertain start, lead-
ing Buildings rallied on tbe
appearance of cheap buyers and
closed narrowly mixed. Tarmac
slipped to 398p before closing
just 2 cheaper on balance at 402p
following the agreement to
merge its offshore oil and gas
exploration interests with those
of Candeeca, 2 firmer at -212p.
after 2Q4p. Recently firm
Wiggins Group attracted a
reasonable business and finished
4 cheaper at S6p. Burnett and
Hallamshire unproved 10 to
930p following Press comment.

ZCI. marked down to 286p at
the outset on Wall Street in-
fluences. rallied on the appear-
ance of buyers to close 2 dearer
on balance at 290p.

Marked a few pence easier at
the outset, leading Stores soon
recovered and most finished a
shade firmer for choice. Gussies
“A” touched 428p before rally-
ing to 435p, a net gain of 2.
Mother-care, a dull market of
late, attracted scattered support
and rose a couple of pence to
157p, while prospective merger
partners Habitat added a similar
amount to 115p. Cornell Dresses
remained under pressure and
eased 3 for a two-day fall of 11
to 152p. but Polly Peck revived
with a gain' of 10 to 355p. Dixons
Photographic, firet-half figures
scheduled for next Thursday,
shed 5 to 15Sp-

tricalp. Amstrad came on offer at
217p, dawn 13, while Red illusion
shed 7 at 170p and Cray Elec-
tronic relinquished 5 to 93 p.
Muirhead cheapened a few pence
to 109p ahead of next Thursday's
annual results, while Electronic
Rentals softened the turn to 85p;
the latter'e interim figures are
due today. After an initial
mark-down, the leaders rallied
to close at, or near, the day's
best. PLessey recovered from
351p to finish a net 7 dearer at
360pand Thorn EMI ended 5 to
the good at 460p. After extremes
of 811p and SQOp, GEC closed a
couple of pence harder on
balance at Slfip.

Interest in the Engineering
leaders failed to expand from
the recent low level, a useful
recovery' in quotations largely
reflecting technical influences.
Vickers, a poor market of late,
regained 6 to 159p, sentiment
being helped by the encouraging
statement on the world-wide
sale of Rolls-Royce cars. Tubes
edged up 4 to 126p and John
Brown 2} to 55p, while GKN
ended a few pence dearer at
161-p. Brown and Tawse featured
secondary Issues with a rise of
10 to 140p in response to the
half-year figures.

Folkes Hefo N/V closed a
penny firmer at 14ip; it was
announced yesterday that the
chairman of the company had
acquired 644,500 non-voting
shares to bring his bolding of
non-voting shares and ordinary
shares to a total of 6.14 per cent.
Haden encountered scattered
demand and pat on 6 to 203p,
while speculative support lifted
Mitchell Somers 4 to 43p. Broms-
grove Castings, on the other
hand, eased 3 to 42p and
Butterfield Harvey 1 1 to 21p.

Unigate featured prominently
in the after-hours’ dealings and

A. Holden jump

Arthur Holden highlighted
miscellaneous industrials, jump-
ing 50 to a peak of 158p,
following the acquisition by
stockbrokers Greemvell and Co.
in a dawn raid of a 13 per cent
stake in the company at a price
of I50p per share on behalf of
International Paint; the ijiiter
added 5 to 217p. T. W. Ward rose
12 for a two-day advance of 20
to a 1981-82 peak of 230p to
response to the increased but
rejected bid terms offered by
RTZ; T.W.W.'s 7J per cent con-
vertible 1997/2002 gained 12
points to £184 in sympathy. This
new development also prompted
a sympathetic gain of 15 to 525p,
after 530p. to Tunnel B which
stands to receive a hid from RTZ
if the latter’s offer for Ward is
successful. News of a director’s
resignation and subsequent share
disposal left Wolverhampton
Steam Laundry a couple of pence
better at 52p. Silentnight rose

4 to 93p following the forecast
of record profits for the year.
Carlton Industries closed
unaltered at 20flp; the price in
yesterday’s issues was incorrect
The leaders rallied after a dull
start, but the possible purchase
of a loss-making British Steel
subsidiary left Trafalgar House
a penny down at lOlp.

Further consideration of the
annual results left Fleasurama 2
cheaper at 303p. Black and
Edgtngton, a volatile market of
late, put on 4 to 52p on revived
bid hopes.

Newspapers remained quietly
dull. Associated, preliminary
results doe next Thursday, gave
up 2 more to 172#. Among
Paper/Prin tings, MeCorqaodale
announced full-year earnings in
excess of general expectations
and dosed 6 to the .good at 136p.
John Waddington, interim results
today, held steady at 180p.
Revived interest lifted Mills and
Allen 15 to 445p. while a Press
mention aided BPC, a penny
dearer at 27p.

Marked easier at the outset,
Properties rallied in the absence
of selling and, on the appearance
of cheap buyers, closed with
modest gains. Land Securities
finished 4 dearer at 294p. after
288p. Among the bid situations.
London Shop Property firmed 2
to 137p compared with the 13Sp
per share offer from Bosehaugh,

5 up at 255p. Further considera-
tion of the Greycoat Estates bid
terms for the company left City
offices a penny firmer at 124 p:
Greycoat improved 3 to 150p. On
the other hand, Berkeley
Hamhro, which has agreed to
merge with Town, and City, shed
4 for a two-day fall of 12 to 328p.

losses. Falls of 10 were marked
. against Berkeley, 345p, Cam-
bride, 285p, Flair Resources,
170p, and Piet Petroleum, 150p.
Against tile trend, Jackson
Exploration, finned 4 to 10$p in
response to <an investment; recom-
mendation.

Movements • in Overseas
Traders usually favoured holders.
S. and W. Berlsford featured
with a gain of 7 to 126p; the
annual results are due next
Thursday. Inchcape rose 5 to
270p. while Tozer Kemsley and
MU bourn attracted call option
money and added a couple of
pence to 72p, after 73p. .

Among Financial Trusts,
Aitken' Hume, reflecting an
investment recommendation,
advanced 10 to 165p. while
Kitchen Taylor, awaiting today’s
preliminary statement, rose 7 to
J02p. Ahead of the interim
Tesults, due shortly. Mercantile
House ' eased afresh to 4O0p
before settling at 410p for a fall
of 13 on the day.

Shippings were highlighted hy
a revival of bid speculation in
P. and O. Deferred which were
briskly traded and dosed around
the day’s best with a rise of 9
at 133p.

Golds down

Mining markets met persistent
selling prompted by sharp

finished a net 10 up at 10Bp on

fro

Quest Adto. flat

Quest Automation plummeted
33 to lOOp, after 95p, on acute
disappointment with the interim
results. Elsewhere in Elec-

rumours of a dawn raid from
BATs, 2 cheaper at 343p, after
340p. Elsewhere in the Food
sector, Tate and Lyle put on 8
to a peak of 208p: the prelimin-
ary results are due January 20.
Among secondary issues. Singlo
attracted fresh support and
added 11 to 33p. while Associ-
ated Fisheries improved a penny
to 73p; the latter's annual results
are due next month.

Oils down again

Overshadowed by the continu-
ing weakness in crude prices and
by the overnight setback on
Wall Street, Oil shares gave
further ground. Fresh falls in
the leaders were modest, British
Petroleum closing only 2 cheaper
at 300p and Shell 4 off at 390p.
Exploration issues,' in contrast
recorded some fairly substantial

n . falls

in base-metal and a. marginal
decline in precious metal prices.

South African Golds were
steady at the outset following
light support from Johannesburg,
but subsequently fell away on
lack of interest and .scattered
selling to dose showing minor
losses.

The Gold Mines index eased
1.1 to 300.9— its fifth loss in six
trading days, while the bullion
price closed S3 easier at $402.5
an ounce.

Losses in the heavyweights
extended to g as in Band font ein,
£30 i, and St. Helena, £16, while
the medium- and lower-priced
stocks showed Kinross 7 cheaper
at 415p.

The trend in metal prices
depressed London Financials.
Gold Fields and Charter gave up
3 apiece to 472p and 245 p respec-
tively while Rio Tinto-Zinc fell
to 424p fallowing the increased
bid for T. W. Ward before
recovering to close a net 3
cheaper at 427p.

The overnight weakness on
Wall Street, fears of higher
interest rates, depressed metal
prices and a sharp fall in Sydney
and Melbourne overnight
unsettled Australians.

The leaders were particularly
vulnerable and continued to lose
ground after an initial mark-
down.

HUM Holdings fell 8 to a 1981-
1982 low of 176p, while similar
losses were seen in Gold Mines
of Kalgoorlfe, 360p. Renison,
265p, and Western Mining, 234p.
Peko-WaJlsend dipped 10 to 320p.

In the more speculative stocks.
Western Continental closed 10
down at a 1981-82 low of 40p and
Kitchener 5 cheaper at a low of
95p.

Financial Times Thursday January. 7 1982

RECENT ISSUES

. — ... v'i).A-wvi. -

equities

V *

(HUS l=-ts|si
priee-gS'-s*

D £ II Q fO

p <a- -*o ; I Mlgh< Low :

1961/8

Stock

|c« !

a a

_ f.p. 4/18860
IOO FJ».. - i 96
«35 F.P. — - . 35
225 .F.P.‘ 5/8 240
82 F.P.22/1 ! 86

so F.p-iw/i ;

- F.P.' — I 10

61 F.P.I28/1 !

450 F.Pt, 9/121 60

100 F.P.22/1 (lQB

150 'F.P.l 4HJM6
USS5.90 F.PJ - 1305
ss F.P.l — I 9
(67 jFj>.;iB/ia! TO

113 f.p.i — : ia 2

[775 !*Asprsy j

l 96 iBalllie GlHordJ nTat ; 98 j+i

I 31 *Crty Site I z

830 Gomp.*Systs.Eng SDp'230 , -■
i 88 :GUS9ins Prop 2?

..-35.0 [ 5.3/ 5.1 [ 6.0

81 ,*EquIPU..m..:~ P*

9 !F*C Enter. Warrant* 9
61 i*Good RetettonsGrpj ei , -
39 ! r.'irw' hCaWeAClTV, 39 , --

96 Hardangar Prop—..' 96 H z

!156

*0.5 ; U ; 2.361.4
,. Jj3,l5, 3.8,2.0(14.871
64.9 3^ 8.5 6.0-
jbdS.1 2.15.5 T2.«

’ tA5. : 2.D> silLl

i. — (3 l_

IFJJ - i S

(276

, 68
117

sHavtcn .ti67 l+l

Newmarket (198li.«.:277 +1

Peak Hldgs.- — J. ’is —

Sheldon Jones. — » «* | —

Sp®yhawlc...._._..._..|ll7 —

4 IVinersip. — I 4

'bd9.6 2.214.6! 4.4
jblO.SF

“iusis 2.4 f 7.2 7i
..bd7.ff 8J5-AS.W

FIXED INTEREST STOCKS

97.46 £65
100 F.P.

I< ; Nil
1100 F.P.
*100 F.P.
69

_ I aeisi 83 CalBM Nat. Da* Auto. 16? 2086 ,**'• +S *

25/2:103 *102 >Essex Water ICtt Red. PrL-lOBS-j---^- J®3

85/2 ;103 !10Z [Essex water iu* «ea. rn. *7°"— -

we ,r«r ■

70 F.P. ,
100 ' Nil ;
- F.P. i

M WIUO DUHiOMflClJ i*|IO««'- ■■ 1 1

99 I 4 I Do. 15;^ Bdo. 113/18 /BB)

64 Pennine Comm.i2pc.Gonv.Uns.Ln.I9ai 67 —1

__ , , 64 1 Do. 15iB pc. Uns. 1986 76 1 ~-

- lUpm SipmTelfos 18* Gnv. 1991 V ”*4

— 136 11B iViners 10* Criv. Loan 1BB8« ll5*--_*

... . - 100
:f.P. , - I 7|

“ RIGHTS ” OFFERS

Isbusi a_
prise I

P i <a

Latest

Renunc.

1981/2

<

- 1

stack !

||a

• ■

High | Low

■HR

- 711 1

168 i 155

166 ;

70pm,— I

15 j Nil
162 1 F.P.

23/18 21/1

2pm +■*
17S +2
7pmi— ig

4pm-— 1

9V + 4

90 1 Nil

sr-L

2pm +1
112pm— 5
4pm-’ -

50 I F.p;n/iB SKI
25 Nil — ~

DO et*< Nil
50 ; Nil

Renunciation date usually la# day for dealing free of ramp duty. 3 Ftgnrae
based an prospectus estimate, d Dividend itn paid or payable an part, of
capital: cover baaad on dividend an fuH capital.' g Assumed dividend and yield.
h Assumed dividend and yield after scrip .issue, m Interim since increased or .
resumed. <r Forecast dividend: cover based on previous year's earnings.

F Dividend end yield based on prospectus or other official estimate, for -1961 r
Q Gross. T Figures assumed, t Cover allows for conversion of shares not
now ranking' for dividend or ranking only for restricted dividends. 4 Placing
price, p Penes unless otherwise indicated. 7 Issued by tender. H Offered to
holders of ordinary shares as a " righte.” ** Issued "by way of capita llsation.
S§ Rointroducad. - 11 Issued in connection with reerganisatron, merger or take-
over. DS Introduction. □ Issued to former prafaranca holders. ■ Allotment
letters (or fully-paid). • Provisional or partly-paid allotment letters. ★ With
warrants, it QRa lings under special Rule. ■£ Unlisted Securities Market.
** London Usting. * Sfeotive issue price after . scrip. t tesuad as a unit
comprising 33 Ordinary and £5 Loan 1986-88. *

.

ACTIVE STOCKS

Above average activity was noted in the following stocks yesterday

Stock’

Beri^lord fS. and W.)

Brown and Tawse ......

Candeeca

GEC

Holden fA.)

FIO Deferred ......... 133

price

Day’s

price"

Day's

pence

change-

Slock

pence

change

1 26

+ 7

Plesaey

380

.+ 7

140

+ 10

Quest Auto

100.

-33

212

+- 2

RTZ

427

- 3

810

+ 2

Tozar Kemsley .........

72

+ 2

158

+50

Trafalgar House ........

Id

- 1

133

+ *

Tunnel , B

B2S

;+i5

TUESDAY’S ACTIVE STOCKS

Based on bargains recorded in SE Official List

Stock'

gec 19

KCA Int. 13

BAT Industries 12

BP 12

Burmah Oil ... 11

ICI 11

Ploasey IT

Tuesday's
No. of dosing
price price Day’s
changes pence
806
122
346
302
120
288
353

change

- 3

- e

- 5

- 6
- 4

Stock'

- 4

Tube . Inwtmts,
Ward (T. -W.)
Europn. Ferriae
Hanson Trust...
Racal Elec. ......

Royal in see. ...
Shell .Transport.

. Tuesday's
No. off dosing
price pries
changes pence

11

11

10

10

10

.10

10

122

216

77

S3

428

326

384

Day's

change

+ 8
+ 1

- 4

- 7

- 1

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NEW HIGHS AND
LOWS FOR 1981/2

The fa Homing quotations Mi the Share
Information Service yesterday attained new
Highs and Laws tor 1961-az

NEW HIGHS (13)'

, _ BRITISH FUNDS (1)

Tree*. SUpc 'B2

COMMONWEALTH LOANS (1)

Aust. S>:pc 1901-8=

CHEMICALS Cl)

_ . _ ELECTRICALS PI)

Sdraltn <G. H.)

ENGINEERING (SI
BnswT Brown & Tawse

British Northrop

Hinton fA.)

FOODS (21

Tate & Lvle

INDUSTRIALS (2)
Holden (A.) Ward (T. W.j

Braid Group

MOTORS (It

PROPERTY (1»
London Shop Prop.

6 '.-PC Coriv. 1984

NEW LOWS (24)

CORPORATION LOANS <T>
L.C.C. 6UPC 198B-9D

AMERICANS *2)
Bank of America Gull OII

CANADIANS (2*
Can. P. Ent. Gulf Canada

Quart Auto.

ELECTRICALS (11

Brown (J4

ENGINEERING Cl)

Barrow Milling

FOODS n)

INDUSTRIALS (4)
Cawdaw Ind. Sehlumberger

Longton Ind. Scott ros

OIL A GAS (61

Branon Gaelic OII

Cluir OH Rang or OH

Collins (K 1 Saxon

MINES (6)

Elsborg Ri-nUon DM.

Kitchener Swan Resources

M.I.M. Hldw. Western Oont

RISES AND FALLS
YESTERDAY

Rises Falls Same

British Funds

77

— •

15

Corpns. Dom. and
Foreign Bonds ...

25

5

42

Industrials

179

Z53

926

Financial and Prop.

69

96

346

Oils

13

59

38

Plantations

S

4

15

Mines

17

72

79

Others

13

99

32

Totals

404

528

1.493

OPTIONS

First - Last Last For
Deal- Deal- Declare- Settle-
ings ■ mgs tion meat
Jan 4 Jan 15 Apr 15 Apr 26
.Tan IS Jan 29 Apr 28 May 10
Feb 1 Feb 12 May IS May 24
For rate indications see end of
Share Injormation Service

Money was given for the call
in Bo water, Suter Electrical
Deferred, Town and City Pro-
perties, G. M. Firth, Premier
OH, Royal Bank of Scotland,
Lonrho, 1CL, Chloride, Lincroft
Kilgour and Tozer Kemsley and
Millboorn.' Puts were done in
Bowater, Land Securities and
Royal Bank of Scotland, while
doubles were arranged in BP,
Lasmo, Bowater, RTZ and Asso-
ciated Fisheries.

FT- ACTUARIES SHARE INDICES

Thee Indices are the joint conpaatkm «f the Financid Times, the Institute of Actuaries

and the Faculty of Acharies

EQUITY QROUPS
& SUB-SECTIONS

Figures In parentheses show number of
stocks per section

1

2

3

4

5

6
8
9

30

21

22

25

26
27
29

32

33

34

35
%
39

41

42

44

45

46

W

ST

62

63

65

66

67

68
09
70
7 T
81
91

9T

CAPITAL GOODS (210) .

Building Materials (25)

Contracting, Construction (28) .

Electricals (30).

Engin eeri ng Co ntr actors (9).

Mechanical Engineering (67).

Metafc and Metal Forming (12).

Motors (21)

Other Industrial Materials (18) .

CONSUMES GROUP 09® .

Bro w e rs a n d DtstBtos (20)—

Food Manufacturing (ZD..

Food Retai 500,(15) .

Health and Household Products (7) .

Leisure (24)

Newspapers, PubfrWng (12) .

Packaging and Paper (13) .

Stores (46L.

Textiles (23).

Tobaooos (3) .

Other Consumer CM) .

OTIER GROUPS (79).

Chemicals 06)

Office Equipment (4) .

Shipping andTransport (33)

Misce llaneous (46) -

49 J IHttUSTiUALGMti>(487)_l_r

gi I ftik /n r ■ — - - -

36o SHARE INDG

THHHCDC fiMiVTQST

Banks(6)

Discount Houses (9).
Insbcance (Ufe)(9>-

Insurance (Composite) (10) .
Insurance Brokers ta>

Merchant Bards 02).,
Property (501.

Other Financial (35).

n we strnwi t Trusts (310) .
Miring Finance (4)

Overseas Traders G7) .

Wed Jan 6 1982

Index

No.

352.721

239-541

160-95^

mn

3€a52fi

266341

267.79

263.67

546.47

33938

419.95

476A4

132-03

23019

15359

25128

253.6 8

22987

118.13

525.77

2903)3

290.661

7Baat

251 03

24220]
247.72
ISO M
4a334
15330
44537
17426

228.15

40328

-sam

Change

%

+03

-03
+0.4
+0.4
+02
+03
+13
+03
+03
+ 0.6
+0.7
+03
+83
+03
+0j4
+10
+0J
+0.4
-10
+0.4
+0.4
+0.4
+0.4
+2 JO

W

nr

+20

+0.6

+0.4

+03

+02

+0.4

-05

-0.7

+12

+83-

ESL

Earninss
Yield %
(Mb.)

907

15.11

1707

735

12,94

1324

857

9.01

1363

17j44

15.77

9.71

921

9.72
12.93
1538
1237
1036
2303

7.60

inn

6.05

15.48

2038

1257

H5T

1 19-45

+5T

T33S"

33.45

1127

4.97

17.08

1510

1257

Grass

Ohr.

Yield %
(MT
at 3090

452

5.73
533
232

5.74
5.78
756
727
628
620
730
6l46
359
4.71
524
632
8.15
5.67
646

1037

7J2

6j07

605

7.45

723

mss
T w

-£*r

■m

660

934

646

893

539

.532

328

636

T7T

623

728

SM

ESL

PIE

Ratio

(Nat)

1258

.756

661

17.40

922

1135

1579

1357

920

685

7.63

12.46

12.76

wm

1320

775

1100

12.45
4.99

2129

11.45
2527

772

534

959

TOT

^58

"SET

372

1202

2691

720

7.97

9172

Tlies

Jan

5

Index

Nor

35179

29905

S131

123033

49038

18863

16051

9262

36534

26559

26631

26173

545.79

338.79
4ULS
47451
130.74
23882

15291

253.74

25258

22888

29789

1X756

51546

289.92

71941'

Mon

Jan

4

Infer

No.

35524

3022

53437

124031

-49191

19089

.165.04

93.65

37847

26733

26929

26357

55174

34220

42032

47865

13131

29903

154.04

255.93

25087

230.43

29686

118.78

51587

29937

29220

7)6111

249^4 j 253iB | 5
280.%

24026
24682
14956

433.06

15324
44322
17530

24620

24924

152.72.

<1330

15528

44850

17882

fins

Dec

31

Index

No.

Wed

Dec

30

Index

No.

35885

30189

534.42
125781
49087
193.91
16722

93.99

37439

26925

272.42
26358

55U8

34596

42024

479-75

13285

24031

15546

268.95

24787

23239

30288

120.42

51974

294.90

hm

W3F

aw

asir

28731

24571

25238

35585

41733

-15683

*2.91

177.99

35731

300.75

53131

125137

48936

19285

16593

9333

32283

26573

27289

26484

549L77

344.97

41838

47821

130.94

24051

15384

259.96

24839

23081

30851

13736

51025

24332

33026

28130

34721

25230

155®

41733

15587

45327

17727

Year
‘ W> „
(approoL)

Index

Ha

28L53

21239

48587

92548

39331

16981

13484

9034

28533

23533

25427

20985

48L79

£427

34087

425.90

C235

24688

124.41

1973

237®

21531

9837

535.94

24931
879 Mr

TSSW

239*

29143

22274

144.77

313.70 .

140.70

443.71
17126.

V-r" iS.

FIXED INTEREST

PRICE

INDICES

OwlSfrK-
l i wdeBB Uhte -
AU Stocks

DebatonsALoM.

naBBtt,

Wed
. J »
6

10584

9881

9952

10839

10187

7882

6135

S?

+037

+026

+031

+831

+0124

Tues

Jar

5

10535
9 835
9981
10039
100.76

7843

6135

tn rb is

080

OlQO

080

O.M

080

500

080

AVERMK GROSS
KBEHPTHM YIELDS

14

Caopm

irrakeanUss.

5 jeare..J„.

15 xn — i_J
.25

Mb 5 Ukb 5 years.

15-yrars,.--.;;^
25 /ears...

3485
a lfiis
15SI

-tl 1523

Tues-

Jan

S'

1349

MJ4

1*48

3510

15.44

7 153
2528
1571
' 1381

1590

VlfiJM;

1557

1523

Yor

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t.

U9L
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33L45
1385

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1380

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1449

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We cover the country

London ■ Leeds - Birmingham

021-4549881

3

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650
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56

ItI

A FINANCIAL TIMES MANAGEMENT REPORT

Consolidated Accounts
in Europe

The E.E.C. Seventh Directive on Consolidated Accounts is so vital that finance
directors and accountants should start thinking about it now. It will affect all
limited Companies within the European Community that are members of
groups.

CONSOLIDATED ACCOUNTS IN EUROPE, by international accounting firm
Ernst & Whinney, will help you prepare to meet the requirements of the
Seventh Directive.

k It reveals the likely impact of The Seventh Directive
k It places the directive in perspective by analysing current law and practice
★ it warns you in advance dr the likely requirements ’

k it informs you of what Europe's major companies think are the diffi cult
areas

k It provides'a case study to demonstrate in a practical way the problems of

producing consolidated accounts

Order your copy of CONSOLIDATED ACCOUNTS IN EUROPE now.

Please return to: Marketing Dept. The Financial Tunes Business Information Ltd,
Bracken House, 10 Cannon Street. London EC4P 4BY.

Please send me—, copy/copies of Consolidated Accounts in Europe at £46 [UK] or

US$98 [outside UK}. -

I enclose cheque value E/USS made payable to Business Information.

BLOCK CAPITALS PLEASE.

134
224
194
31
88
86
101
230
103*

92
76 69

*29 11

£29% £24%
60 37

150 100

158 72

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129 65

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121 87 53

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Highland El. 2Cp

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I . Signature . Date

I Tbs Financial T imm Basinras Informal!* Ltd. Hagtsierad In Landau No 2022B1.
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Assets lQp-
rtfnw Sec. HKS5 .
i— y Gen. £1 —
oldings — ....

•nre In*. Inc. lOp

Do.Cap.2p

top to*m*nw5p..-
one Inv. 50p

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Lane. & Lon. Inv..

Law Debemwe-.
LazaP Stlg. RnJlp
Leda Inv. IncJZOp

Do. Cap. 5p

Lon. Atlantic

Lon. & Gan. 50p .
Lndn- & Holyrood
Lon. & Lennon —
Loo. & Lomond—
Lon. & Momrose .

Lon. & Pro*

Loo. Prudential. -
Lcn.&S’dyde —

London Trust

Lowland Inv-—.

M WJDuallnc-lCp.

Do. Cap. lOp — -
DB.adDcaUtt.10i*

i^'&8ewptar.

ItoireA*. STst-Q.
Meldrum In*. —
Mercantile Inv —

Merchants Tst

MidWytrilnv-TsL.

Monks Invest

MonL Boston lOp
Do. Wits. £1
Moorgue Inv. Tst —
Moorside Trust —

Murray CaledoipM.

Do "B" — i —
Mwrav Clydesdale..

Do. B

Murray GJende von _

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NmAh.Dk TS-Sk.
New Darien OilTsL
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Do. New Wrrts. .
New Tokyo lira. 50p

1928 Invest

Nth. Atlantic Sec .
Nth. Brit Canadian.
NthcL American—
Northern Secs —
Od & Assoc. Inv-

Outwlch Inv..

Penttand Inv....—
PreckwMelahTst

R|T50p

Raeburn———
Rights & Iss. Cap.
River &. Merc. .— .
River Plate Oct. ..
1% RobecotBrJFISJ
Do. SuhSh'sF
RolincoNV FT5t
Do.Su6.SfrtFI5-
(Romney Trust —
(Rosedimoadlnc-
1 Do. Cap— —
Safeguard Ind —
. St. Andrew TsL ...
Scot.A^hIlw.50p..
Scot. Cities ‘A'-.
Scot. East Inv —
Saxtkh Inv..- —
Scot & Mere A.—
Scot Mortfi. Tst.
Scot. National —
Scot Northern —

Scot Ontario

Scot Utd. Inv..-.
Sec. Alliance Tst
Securities T.Sc.
Select Risk bn. SUS5
SMresInv. 50p
Sphere Inv —
SPLIT Inc. lOp.
SPLIT Cap. lOp
Sterling Tst. ——
Stewart EM Inv lOp
Sinters Far East SI—
Stockholders Inv..

10 Technology

K) Temple Bar... —
Ti Throg. Growth —

13 ■ Do. Cap. a

12 Throgmorton

or. Invest Inc.

Genoa Oil NL5Qc

19[45*

103*155

London A wwi-

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%

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6.9

5.9

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93
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7-B 210
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■ T ill

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lETj

India and Bangladesh

f wm

NOTES

Ilnlna otterwise Iwfitated. prices and net dividend are bi pence and
» SpTEsl&d price/eanfcw

based oo li*UK annu^repwc a«ri aomwiBHi^i^epii^iltflro

23 updated on toff-yearly Hsures. «*»■ **

74) dtstrSitloo toils, eanrtnas per ^

— taxation ad nwellered ACT where applicable; .brodieted rigew

a SveT 1 * iSSS

64 * HigteatoLows marked thus have been adjrtoed to allow hr rishfc

03 h«*« . .

t interim since Increased or resum ed- .
t Interim since reduoed, passed or deieneo.
ft TaMree to noineslCents on applnaumr.

a Flgm or report awaited. M

t UShhnot listed ea BUKlt Eatonge an d compan y not saMectedto
■mu ifci i » w i of remdalion as listed iroiNrs. . w .
tt DeaK In wider Rule U3{2Xa); not listed on any Stock Exchaiqe
and mt subject to any listing requhemeots.

JJ Dealt In under Rule 163(3).

p Price at tine of suspensu*. ___

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maturhy of stock. Sdt Available only to UK pension schemes »d
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ihdtotrWl . Koose of Fraser. J 13

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Bwctora 17 lfs£«»ae— ~ ■ Cap. Candies— 30

Biae Circle 14jSt.BL« UndSe ci j»

Boots — 18 “(*1 HEPl— ■■ 20

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"Recent Issues” ami “Kslits” Paga 28

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M^ttowi 9 hMit the Urdtrf Kagdom hr 8 fat of £600
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W. Germany in aid offer to Poland

BY JONATHAN CARR IN BONN

WEST GERMANY Is ready to
work with its Western partners
to give “ substantial financial
aid ” 'to Poland if Warsaw's
mil itary leadership permits a
return to economic and social
reform.

Herr Hans Dietrich Genscher,
the Federal Republic’s Foreign
Minister, made this pledge in a
speech yesterday shortly after
his return from talks with Chan-
cellor Helmut Schmidt and
President Reagan in Washing-
ton. '

Herr Genscher strongly urged
the Polish leaders to take the
aid offer seriously, and to back
up with deeds their repeated
•words about returning to a
policy of reform and renewal.

He made it dear this involved

Spending in
Ulster to
be raised
by £90m

By. Brendan Keenan

THE GOVERNMENT will in-
crease its spending in Northern
Ireland in the coming financial
year by £90m over the level
laid down in the recent public
spending White Paper.

The increase, announced by
Mr James Prior, the Northern
Ireland Secretary, in Belfast
yesterday, means that -Govern-
ment spending in Ulster in the
next financial year will be just .
over £3.5bn. This is 8 per cent 1
up on the expected 1981-82 out-
turn and 3 per cent higher
that the White Paper figure.

Housing and youth employ-
ment training will take priority
in the programme.' In addition,
an extra £12m will be provided
for the security services, mostly
for extra police and prison staff.

Agriculture, Ulster's biggest
industry, will receive an extra
£16m and the social services
£12 m.

The Housing Executive will
have an extra £50m to spend.
This includes government
funds, EEC grants of £16m and
revenue from house sales.

This should enable 4,500
houses to be started this year.
Mr Prior hopes to achieve a
sustained programme of 5,000
starts a year, which the execu-
tive believes is necessary to
make an impact on the housing
problem.

Northern Ireland will also get
a Youth Training Programme a
year ahead of the rest of the
UK. Under the scheme, all 16-
year-old school leavers will be
given the opportunity of a
year's' full-time training.

Mr Prior said he was begin-
ning a campaign aimed, at lead-
ing British manufacturers to
attract more -investment to
Northern Ireland. An estimated
£200m had been earmarked for
industrial support and electri-
city charges were being pegged.

He said it would be some
weeks before he was ready to
announce any political initia-
tive,

Gontinued from Page 1

Ford

would not call off their action
until the announcement of the
ballot result

Mr Steve Broadbent the
MaJewod body plant convenor,
said that the men would not
call off their action without
holding a fresh vote, possibly at
a mass meeting on Friday.

Some 1.660 Ford workers at
Swansea also went on unofficial
strike yesterday after voting by
a large majority to throw out
the deal. But they are expected
to accept a majority verdict and
return to work on Friday.

- HOW THEY VOTED

For the pay offer

lifting martial law, releasing
-those detained since the state of
emergency was imposed on
December 13, and . permitting
further dialogue with the
Solidarity union and the
Catholic Churefa.

These demands were made by
the EEC countries after a meet-
ing of Foreign Ministers in
Brussels on Monday and in the
statement issued by Herr
Schmidt and President Reagan
after their talks in Washington
on Tuesday.

Bonn made it dear last
month that .it will withhold new
economic aid to Poland u so
long as the repressive measures
there persist.”

Herr Genscher*® latest speech
puts a much stronger emphasis

on the prospect <rf assistance-
reflecting Bonn's belief that
this, rather than imposition of
economic sanctions, can bring
a change In Warsaw's present
course.

Herr Genscher did not
specify the amount of aid he
had in mind. It is known that
Bonn already has about DM lbn
(£2S2m).in'tlie 1982 budget ear-
marked to cover payments of
state guarantees on commercial
credits given to the Poles.

It is believed that provision
has also been made elsewhere
in the budget for aid to Poland,
but its existence has not
officially been acknowledged.

Herr Genscheris return from
the U.S. coincided with renewed
attacks from the Bonn Opposi-

tion on the Government's
policy, over Poland, particularly
from the Bavarian leader, Herr
Franz Josef Strauss.

He accused Bonn of destroy-
ing West Germany's s tanding in
the Atlantic alliance, offending
President Reagan and, of
“ crawling on the floor” before
Communist power politics.

Herr Genscher said that
events this week showed Bonn
agreed with both its European
and UB. partners about Poland.
He warned against artificially
talking a “crisis of the Com-
munist system ” into a crisis of
the West

Reginald Dale, U.S. Editor,
adds from Washington: Mr
Alexander Haig, the State
Secretary, said President

Reagan and Chancellor Schmidt
had agreed in their talks here
on Tuesday that the U-S.-Soviet
negotiations in Geneva on Euro-
pean nuclear missiles should go
ahead despite the Polish crisis.

The talks on Intermediate-
range missiles were “in a very
special category of East-West
relations."

Mr Haig , who had a separate
meeting with Herr Schmidt in
Washington yesterday, said he
was inclined to go ahead with
his planned meeting with Mr
Andrei Gromyko, the Soviet
Foreign -Minister, in Geneva on
January 27. The two men are
due to explore the possibility
of a new round of strategic
arms limitation talks.

Crisis in Poland, Page 2

THE LEX COLUMN

The struggle to
Ward off RTZ

Total

Plant

employees

Avdey

750

Basildon

— tractors

2,410

- ■ — radiators

670

Croydon

280

Dagenham

— Assembly (day shift)

2,400

—Engine (day shift)

3400

r— Foundry

3,240

Trim

800-

Daventry

1,100

Oun ton

1,300

Enfield

- 1.200

Leamington -

1,100

Southampton

3,600

T reforest

250

Woolwich

400

Total

22,500

Against

Belfast

1,200

Bridgend

1,600

Dagenham— car kits

750

HaJewood

—Assembly

5,100

—Body

4,900

Swansea

1*60

Total

15,210

Plants which had not yet voted last

France ends 6-month price freeze

BY DAVID HOUSEGO- IN PARIS

The French Government yes-,
terday unveiled plans aimed at
bringing down inflation from
1981's 14 per cent to 10 per
cent by the end of 1982. The
policy combines the unfreezing
of prices of a substantial
number of services, which were
frozen for six months last
October, with price moderation
agreements between the auth-
orities and specific sectors.

M Jacques Delors, Finance
Minister, who set out the
strategy at the weekly Cabinet
meeting yesterday, is hoping
to persuade the unions to accept
lower wages settlements in
return for the continued limita-
tion of price increases:

Manufacturing- industry is to
be exempt from controls be-

cause of the . need .to _ .rebuild
profit margins. Companies are
still being asked, however, to
moderate their price increases.

Relaxation of the six-month
freeze on many service sector
prices will apply to those in-
dustries which agreed to limit
price rises this year, the
Finance Ministry said.

Among those which have
already agreed to keep their
total price increases Jo 10 per
cent this year are the hotel and
restaurant industries, dry
cleaners and car repairers.

-The Government is hoping to
reach similar accords with some
15 other service groups.

Retailers are also being
pressed to accept a voluntary
“ price truce ” under which they

undertake. to freeze the prices
of a wide range of consumer
goods for three months. This
is being backed by an extensive
radio and television publicity
campaign-

The Government also made
clear yesterday that public
sector corporations will be
allowed to make only phased
and limited increases in their
charges.

The measures come as the
rate of inflation has been slow-
ing. The Government painted
out yesterday that the annual
inflation rate was down to 12
per cent in the last three
months of 1981 compared with
14 per cent for the year as a
whole. . .

M Delors hopes that as prices

come down unions will be will-
ing to accept quarterly wage
increases of 2.5 per cent which
would be adjusted upwards if
the inflation rate proved higher.

The Government yesterday
announced, however, a 3.5 per
cent increase for public service
employees from January 1 thus
giving them a 14.3 per cent
increase over the past year.

There as still widespread
scepticism that the Government
will hit its 10 per cent inflation
target for the end of the year.
Most independent forecasters
still predict a rate for 1982 of
13-15 per cent'.

€1 The Government yesterday
increased petrol and 'domestic
fuel prices. Super grade petrol,
for example, went up 4.8 per
cent

Transatlantic business satellite link planned

BY JASON CRISP

BRITISH TELECOM has
announced plans to - fink com-
panies -in the UK with the
Satellite Business Systems pri-
vate communications network in
the U.S. which is jointly owned
by ' International Business
Machines, Comsat and Aetna
life and Casualty.

If approved by the U.S.
Federal Communications Com-
mission, the link-up will make
possible transatlantic videon
conferences between SBS sub-
scribers — some of America’s
biggest companies— and com-
panies in the UK and possibly
elsewhere in Europe. Data
transmission between the U.S.
and UK would also become
much easier for - those com-
panies.

Satellite Business Systems
said yesterday that it had
applied to the Federal Commu^
incations Commission for

authority for the link. It has
already applied to link with
companies in Canada. SBS
hopes to have approval by the
summer and start services to
both countries by the end of the
year.

SBS is also expected to apply
for permission from the FCC
for an international trans-
pacific link, probably to Japan.

SBS provides a wide range of
advanced communications
services and is aimed at large
companies. It provides a direct
link by satellite between small
dish aerials mounted on the roof
of customers’ offices.

SBS says several of its cus-
tomers — which include IBM
itself. General Motors and a
number of hanks — have
already asked to interconnect
with the UK. Some British com-
panies have asked British Tele-
-oom for links with SBS.

If the FCC approves, the SBS

communications system would
be linked'. to Britain from an
East Coast earth station via an
ordinary - telecommunications
satellite over the Atlantic. The
link up would probably be
merely used for, data trans-
mission. The lower transmis-
sion speeds of the transatlantic
communication satellites com-
pared with those of SBS over
the U.S- mean, however, that
the service available between
America and the UK would be
more limited than that within
the U.S. itself.

Large companies wanting to
link their SBS communications
with the UK would be likely to
have private circuits from here
to other European centres.

Thus, ft would be possible to
link other countries to SBS
through the UK.

Sir George Jefferson, chair-
man of British Telecom, yester-
day announced extension of digi-

Labour meeting

Continued from Page 1

• That thye will organise a
recruiting drive for the party
among union members, put
money and organisation into
marginal constituencies and
train party activists and offi-
cials.

It is expected the affiliated
unions, which organise about
7m workers will raise members’
political levy .from about 1.4p
a week to about 3p in the next
year or so. These increases
depend in most cases upon rule

revision conferences, which are
in some cases more than a year
away.

■ The TULV expects is special
fund to grow substantially after
the meeting. Big unions such as
the engineers, the transport wor-
kers and the electricians have
not yet contributed.

A number of issues . remain
unresolved however. Policy
isues — such as the party’s
position on the European Com-
munity, disarmament and the

economy — are regared by both
sides as fair game, and may
cause future division.

Right-wing union leaders were
wary og believing that the Left
in the constituencies will
abstain from selecting far Left
candidates. The outcome of the
Inquiry into the Jiiilkant Ten-
dency and the status of Mr Peter
Thatchell, the Bermondsey can-
didate may also still be con-
tentious.

RTZ raises bid

Continued from Page 1

their revised terms about a final
bid.

Ward owns 42 per cent of
Tunnel Holdings, the cement
manufacturer. A successful
take-over by RTZ. which already
holds nearly 9 per cent of Tun-
nel, could leave the mining
group with control of about 20

per cent of the UK cement
market

RTZ reminded shareholders
yesterday that Tunnel ' had
publicly supported RTZ’s bid
for Ward and said Tunnel now
reaffirmed “ its conviction that
a takeover of Tunnel by Ward
would .be highly undesirable.”

Ward’s chairman said he was
not surprised by this, but it
presented' rather a paradox.
“Tunnel disagreed with our
cement business strategy," he
said. "But they are apparently
agreeing with RTZ’s, which
looks distinctly similar as far
as we can see.”

Sealink officers call all-out strike

BY IVO DAWNAY AND ANDREW FISHER

ham’s assembly works (2369), body
shop (2,900) and Engine divisions
(Z000); Halcwood’j transmission
plant Oi850) and Langley (2,300).
The day shift at the Dagenham body
plant was said to have recorded 'a..
“ split” vote.

Union officials representing
1500 Sealink UK .officers last
night called for an immediate
all-out strike at the company's
nine domestic . and Continental
ferry : ports ■ in response ■ -to
the British Rail subsidiary’s
decision to withdraw services
between Newhaven and Dieppe
and to reduce sailings frojn
Harwich.

The action is likely to halt all
Sealink UK sailings from qpd-'
night tonight '

The strike decision was taken
unanimously last night after a
four-hour meeting of port repre-
sentatives at the London-offices-
of -the Merchant Navy and Air-
line Officers’ Asodation.

Mr Eric Nevin, generat
secretary of the association,
said the union saw no alter-
native to the stoppage.

‘There seems little doubt that
Sealink has decided to embark
on a drastic programme of re-
ducing shipping services and
intends to pursue this with
scant regard for the interests of
its officers.

“Unless we can persuade the
management to adopt a less
aggressive attitude, the- future
of all Sealink officers looks very
bleak"

The action would be called off;
only if the company withdrew
the redundancy notices issued
to officers at Newhaven and
Harwich and agreed to the
union’s conducting a thorough
examination of the company’s
plans, possibly under the
scrutiny of an independent
arbitrator.

The union's port representa-
tives left London last night to
organise the strike action. Ports
which will -be -affected -are
Holyhead, Stranraer and Fish-
guard on domestic routes, and
Continental ferry services from
Dover, Folkestone, Harwich,
Newhaven, Weymouth and
Portsmouth.

Ferry services operated by
other companies, including Con-
tinental operators using the
Sealink name, should not be
affected. >

The strike call comes as Sea-
link UK, like other major ferry

.operators, is trying to pull it-
self back into profitability after
the debilitating price war of the
last two years.

The Government wants fo
attract private capital to Sealink
UK, which made a £3.8m loss
before tax -In 1980 and is un-
likely to have done much- better
last year.

Sealink has fallen way below
the financial targets set by the
Government, but hopes with
other companies that the aver-
age-fare rises for 1982 of 15 per
eent will bring about a return
to the black.

- The Monopolies and Mergers
Commission recently ruled that
European Ferries, owner of
Townsend Thoresen, should not
be allowed to bid for Sealink
UK, a recommendation accepted
by the Government

Last year Sealink and its Con-
tinental partners carried 17.7m
passengers, nearly 8.5m of them
across the ChanneL Accom-
panied vehicles totalled more
than 2m, of which 660, DOO were
on Continental routes.

tal transmission services inside
the UK for business. Digital
transmission gives greater
flexibility, better quality, and a
cheeper service, particularly for
sending computer data.

British Telecom will offer a
number of services under the
general title X-Stream. These
include :

• Megastream : High capacity
private circuits for use by large
banks, finance houses and indus-
trial firms for transmitting large
quantites of data around the
country.

O Kilos tream : Substantially -less
cauaciouS private circuits which
will be available by the end of
the year and link London with
30 main business centres by the
end of 1983.

• Switchstream : The packet
switch service started last year,
which is being extended.
System X sales drive in In did.

Page 4

Weather

UK TODAY

CLOUDY, with outbreaks of
snow in the south and
Scotland.

London, SJE. and Cent S.

England. S. 'Wales
Sunny periods, with snow
possible. Windy. Max. 2C
(36F). -

Midlands, E., N.W. and Cent.

N. England, N. Wales, Isle of

Man, N. Ireland
Dry, with slowly-dearirig fog
patches. Max. 2C (36F).

S.W. England, Channel Isles
Rain or snow showers. Strong
winds. Max. 4C (39F).

Elsewhere

Snow showers. Sunny inter-
vals. Max. 1C (34F).

Outlook: Snow in places. Wide-
spread frost.

WORLDWIDE

Y'day Y-dsy

midday midday

* C *F «C >f

Ajaccio F IB 61 Luxmbg. F —2 28

Algiw« S 19 66 Luxor S 21 70

Amsdni. F -2 28 Madrid C 10 50

Actions S 1* 57 Majorca S 16 61

Bahrain — — Malaga C 13 56

Bartsina. F 16 61 Malta F 17 63

Beirut S 17 63 M'chsir. S O 32
Bartaat SIM M atone.. _ _

Betgrd. C 9 48 Mx. C.t' ■— —

Bedfti So —5 23 Mtomit S 20 68

Biarritz F 17 63 MHsn S 8 46

Bmghm. F -1 30 Morrtri.t 5-11 12

Bleckpl. S 1 34 Moscow S-19 -2

Bordir. R 13. 65 Munich R 7 46

Boulgn. So 1 34 Nairobi F 26 79

Bristol C 1 34 Naples C 14 57

Brussels 5 — 1 30 Nassau _

Cairo S 17 63 Nwcsti. F O 32

Cardiff C 1 34 N Yorkf S -2 28

Cas'h'ca S’ 19 66 Nica 5 18 64

Capa T. F 24 75 Nicosia S 18 64

CWcg.t Sn —4 25 0 ports C IS 59

Cologne C — 3 27 O*lo . F-13 9

Cpnhgn. Sn-9 13 Paris C 1 34

Corfu F 14 57 Penh — _

Denver! C-11 12 Prague C -1 30

DubMn F 3 37 Reykfvk. C -5 23

Dbrvnk, C 11 52 Rhodes S 16 61

Ednbsh. S -5 23 WoJ'ot

Fare S ■ T8 81 Roma F 16 61

Pkrreme C 15 69 Salzbra. R 6 43

Frank ft. F -1 30 S F'ctocf C 3 37

Geneva R 6 43 Sinner.

Gib ratter s 18 64 S’tiagot — —
Glasgow S -1 30 Stefcbm. S-11 J2

G'meey R 5 41 Strasbg. C 4 39

Helsinki S—-18 — 2 Sydney — -

H. Kong F 19 66 Tangier S 17 63

kinsbrfc. R 4 39 Tet Aviv R 16 61

Invmss: S — 5 23 Tenants S 26 79

l.o.Man S 1.. 34 Tokyo . F 8 46

Istanbul C 11 52 TrorHof C -1 30

Jersey R 5 41 Tunis S 19 68

Jo'burg C 26 79 Valencia F 18 64

L. Pirns. 5 23 73 Venice C 5 41

Lisbon -Fg -H--52 Vienna S 11 - 62
Locarno C 4 39 Warsaw S 11 52

London S 3 37 Warsaw Sn j 34

L Ang.f C .12 64 Zurich R 6 43

C— Cloudy. F— Fair, Fg— Fog. H — Hail.

R— Rain. S— Gunny.- S1-»-Sle6L
Sit— •Snow. T — Thunder,
t Noon .GMT, tftmperaiuraa<

- Tuesday's late rally in gOt- 1
edged continued into yester-
day, while the equity market
was positively lively, with the
FT 30-share Index rising 10'
points between 10 o’clock and
the close. But there was a rather
frothy look about much of. the
trading in equities, . which
seemed to be a mixture of- bear
closing and takeover specula-
tion.

RTZ/Ward

RTZ’s 190p a share bid. for
Thomas W. Ward has looked
increasingly unlikely to suc-
ceed, and yesterday, with three
weeks ofi the offer left to run,
the mining group hoisted its
offer to 22op cash plus 5.2p of
Ward dividend, or a convertible
alternative. It was able to pick
up a fair amount of shares in
the market at 230p, cum-diri-
dend, and now speaks for some-
thing over 20 per eent of Ward.
The new bid is “virtually cer-
tainly final” which in terms of
the Take-over Code is so much
hot air, it seems probable that
RTZ is simply holding back the
announcement ; that these are
indeed the! final terms until the
moment of maximum theatrical
effect

The increased offer values
Ward on roughly 15$ times
historic fully-taxed earnings, or
12 times its current year fore-
cast— more importantly it.
represents a premium of nearly
SO per cent over the market
price ruling before hostilities
began. Ward is still fighting
hard. thou£i: it has argued all
along that its Tunnel bolding
was worth £55m or 94p a share,
and Is sniffy about the earnings
multiple implied for the rest of
its business. But this residual
arithmetic works, against Ward
in .the end. for if the Tunnel
stake really is worth 94p a
share, the offer for the rest of
Ward has been raised by 49 per
cent.

Many institutions would no
doubt rather invest in an
independent Ward than see
their Interests swallowed up, in
a giant like RTZ. Some may be
unhappy about supporting a bid
which 'has its ultimate origins
in RTZ’s need to find UK earn-
ings to supply tax-efficient
cover for its dividend. But at
this price level misgivings will
probably be outweighed by hard
cash, especially since an
independent Ward would prob-
ably renew its bid for Tunnel
presumably at or above the 550p
a share price tag it has put on
its own Tunnel stake. This could
not do the Ward share price
much good fri the short term.

The present position, so

— — . : ' House, may lend some. ciedeire.

Index rose 5.6 to 523.7 to his forecast that (he budget

■ ' — . deficit will remain below JlOObn

.' in fffloaL- 1983 and 1984^ But no
siieh pledge is given for the
T - n - PB<c£ ■ current year when the prospect

T itf • • i 4Jf overcrowding in the debt-

220 - inomas ff. I- ... market could again jeopardise

‘inn WARD ' i— ■ the .corporate .sector’s attempt

200 - iinuv _ Jj to restructure balance-sheetson

jgO • SBflBE . J — a more long-term basis.

wo * •(“ Tax havens

140 “ - Am * Companies have now had a

_ /Vf.y. — month to examine the Inland

. m ■ Revenue’s proposed tax haven

1110 - Am jA — legislation — and they doirt.

o . _ like what they see one hit. The

oOj legislation is a somewhat tardy

ml I | reaction to the dismantling of

.tom losi 1982 exchange controls in October

■raw i3oi 1979. Since then it has not been

beyond the wit of GB pkr to.
set ' up a subsidiary in Iaechten-
profi table for shareholders in stein, to hold its- spare $Im iff
both Ward and Tunnel, would cash, and accumulate the com-
never have been reached if the fartin g interest receipts. The
two chairmen had been able to maximrrm tax rate in Liechten-
resolve their- companies' un- stein is an even more comfort-
stable relationship ; ■ witiiout ing is per .cent. . _•

recourse to a contested take- Such activity was d&fficntt
over bid. As it is, the hill for under exchange controls; when
their quarrel is being _ spread approval; for exporting cash
thinl y among the legions bf was- required from the Bank of-

.fLt'f
; #

- ;, v>

m * A

7 - - "

RTZ shareholders. En g lan d and there were profit

ttc u j repatriation requirements. No

U.a. bonds one knows how much money

The New York bond market has been channelled from the
has established little sense of UK to tax havens m the last
direction so far this year and two years, but judging from
yesterday's -Delphic pronounce- - the b*glio!es in the CSO state-
ments by the UB. Treasury tics, the amount could ran into
Secretary failed as usual •. to hdfiioas: In theory the Revenue
inspire- much confidence. Prices already has' the legislation -to
slipped on Tuesday following the e tax' interest receivable by UK
New Year message of Dr Henry residents, regardless of where
Kaufman and the publication of it arises. But it clearly has little
weaker than expected . Ml-B confidence in the efficacy of its
figures. . With the yield on 10 powers — which expilahia Die
year government bonds 1 still tough nature of the new pro-
wobbling above 14 per cent posals.
corporate treasurers have not .'Hiese include a tighter de-
been tempted to seek . new finition -of company, residence
funding. and rules for taxing any com-

So the market Is still waiting' party controlled, "from the UK
for a real test of the level of • that is situated ' in countries
demand. Last night’s $3£bn ' -with low effective rates of tax.
auction of seven-year no.teS — all The main except i o n is when
of it new money— could provide the subsidiary is engaged in
s ome guidance but, until the genuine trading activities! So
backlog of corporate offerings tax inspectors will once again
S * ar ^ s nnw11 ?^’ institution* be forced to. make judgments

... •-

::s c ™.

may. prefer to sit it out

on commercial practice, while

? n . ou ^ 111 JJj? the actual legislation contains

£^^^ gD0 ^ gaway ’ enough obscure words mid
nv addin S reserv e s on phrases, - to keep the ' courts

Tuesday as unspent ChnsfrnM happy.i 0r 20 years. Among the
money was already flowing back most vulnerable may be. captive '
into the banking system and .insurance companies, although
holding the Federal Funds rate any financial institution may
close to 13 per cent Yesterday find itself in difficulties explain-
aftemoon, as Fed. funds slipped ing the. difference between tra£
below 12 per cent, it began 7 ing and collecting interest. The.
draining funds from the market present intention is to intrb-
Mr Regan, fay contrast is duce the legislation in the n ert
making his views very dear. Budget— but it looks as if fop
The suggestion of higher taxes, midable opposition is building
later played down fay the White up.